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Sample records for tallinn stock exchange

  1. Energy and Environment. Electric power stock exchange

    International Nuclear Information System (INIS)

    Fazioli, R.; Antonioli, B.; Beccarello, M.; Da Rin, B.

    2000-01-01

    In this paper are reported the structural characteristics of electric power stock exchange in the processes liberalization of european electric markets. International experience are also considered [it

  2. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Keywords. Fractals; multifractals; / analysis; scaling; stock markets. Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  3. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion. Keywords. Fractals; multifractals; R/S analysis; scaling; stock markets. PACS Nos 47.53.

  4. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  5. Development of the stock exchange information system

    Directory of Open Access Journals (Sweden)

    Miladinović Radojko

    2006-01-01

    Full Text Available The stock exchange represents the key institution for the development of capital market of any country. Thus the information system of every stock exchange must satisfy very strict international standards. The development of these systems is particularly difficult in countries in transition, due to intense economic and legal changes, lack of technical and financial resources, lack of experience and knowledge in the area of the capital market business, etc. Therefore the special software project management methodology for their realization must be clearly defined. In the development process of the Belgrade Stock Exchange (BSE information system a new software project management methodology for its realization has been defined, the application of which is illustrated through a series of different development stages of the Belgrade Stock Exchange information system. In order to make all the problems more comprehensive, only the continuous trading method is described, being the most frequently used trading method in the world.

  6. 26 CFR 1.1081-3 - Exchanges of stock or securities solely for stock or securities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Exchanges of stock or securities solely for stock or securities. 1.1081-3 Section 1.1081-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF... § 1.1081-3 Exchanges of stock or securities solely for stock or securities. The exchange, without the...

  7. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Science.gov (United States)

    2011-02-09

    ...-001] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange... is hereby given that on January 19, 2011, Stock Clearing Corporation of Philadelphia, Inc. (``SCCP'') and Boston Stock Exchange Clearing Corporation (``BSECC'') filed with the Securities and Exchange...

  8. Algorithmic Trading at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adrian Victor SĂNDIŢĂ

    2015-09-01

    Full Text Available Very conservative estimates indicate that over 40% of transactions on the stock exchanges in the United States are based on automatically generated orders. Such systems are designed to do algorithmic trading on the basis of a predefined set of rules that determine the composition of the portfolio and the moment in which the purchases and sales of securities are done. Applying highly diverse trading strategies, algorithmic trading systems ultimately aim to maximize profit and minimize risk taking. Algorithmic trading on the Bucharest Stock Exchange is still in its incipient phase. Now, automated trading systems are used only for participants who act as Market Makers for the actions of a few issuers. Estimates indicate a volume of algorithmic trading on the Bucharest Stock Exchange of under 1% of its total transactions. This paper aims to describe a general way that algorithmic trading systems can be connected to the Bucharest Stock Exchange and to present some of our results in the implementation of such a system.

  9. ADVISABILITY OF MERGING THE BUCHAREST STOCK EXCHANGE AND THE SIBIU MONETARYFINANCIAL AND STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Aura Dudas

    2011-01-01

    Full Text Available Analysis of performances of local stock exchanges in the latest years points out thenecessity of increasing the visibility of the local capital market in the regional andEuropean landscape. A single stock market may have the effect of increased credibility,giving thus an impulse to the number of new listings and of new investors.

  10. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

    Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

  11. The effects of Macroeconomics on the Kazakhstan Stock Exchange Market

    OpenAIRE

    Baiturganova, Albina

    2010-01-01

    This study is an attempt to empirically find the relationship between the following macro economic variables and the stock market. The variables are: Foreign Exchange Rate (ER), Exchange Reserves (ERES), Discount Rate (DR), Consumer Price Index (CPI) and Gross Domestic Product (GDP). The findings show that the DR is positively related to the stock market, GDP is negatively related to the stock market, Oil is negatively related to the stock market, ER is negatively related to the stock market,...

  12. Random Walks in Stock Exchange Prices and the Vienna Stock Exchange

    OpenAIRE

    Huber, Peter

    1995-01-01

    This paper uses the multiple variance ratio test procedure developed by Chow and Denning (1993) to test for a random walk of stock returns on the Austrian Stock Exchange. I find that with daily data the test rejects the random walk hypothesis at all conventional significance levels for each and every title and for both indeces tested. Individual shares, however, do seem to follow a random walk when weekly returns are considered, while the hypothesis is rejected for both indices. Dieser Art...

  13. Analysis of the Main Indicators of the Bucharest Stock Exchange

    OpenAIRE

    Madalina Gabriela ANGHEL

    2014-01-01

    The goal of this article is to achieve an analysis of the evolution and significance of the main indicators of the Bucharest Stock Exchange (stock exchange capitalization, BET index, value of the concluded transactions) over the last fifteen years. One of the significant elements in analyzing the performances of the capital market consist of the stock exchange capitalization which an essential indicator for characterizing of this domain of activity, mainly if considering the fact that it is u...

  14. Determinants of Stock Price Movements: Evidence from Chittagong Stock Exchange, Bangladesh

    OpenAIRE

    Mohammed Syedul Islam; Evana Nusrat Dooty

    2015-01-01

    Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-cras...

  15. Operating revenue changes in a demutualized stock exchange

    Directory of Open Access Journals (Sweden)

    Mohamed Hesham Abdel-Hafez

    2015-03-01

    Full Text Available Stock exchanges were traditionally run as cooperative venues. The globalization, the development of technology, and the increase of competition among stock exchanges forced these venues to change their structure and adopt a new one-demutualization- that can be a lifeline in facing these environmental changes in regards to stock exchanges. This new trend enables the exchange to expand their activities and supply the market with new products and services, therefore enhancing the value of the exchange itself. The main sources of revenue for traditional exchanges have been listing fees, transaction fees, membership fees and the sale of information services such as market data, quotations, and trade data. Due to the environmental changes the stock exchanges' services are now executed electronically, and in turn, this has led to an increase in the competition among exchanges. Furthermore, this increased competition has led to the re-adjustment of the regulation structure which gradually erodes the sources of revenues provided by the conventional stock exchanges. The paper divided the research plan into two sections: the first section is to highlight the concept of demutualization process; the phases of demutualization, the factors that push the stock exchanges to demutualize and the benefits of demutualization. The second section was based on statistical comparative analysis of the stock exchanges' revenues prior and after demutualization. The researcher used the regression analysis tool on seven demutualized stock exchanges during the period from 1997-2012. The paper aims to prove that demutualization has a positive effect on the revenues of the stock exchange, thus it enhances the value of the exchange.

  16. An intense Nigerian stock exchange market prediction using logistic ...

    African Journals Online (AJOL)

    This paper is a continuation of our research work on the Nigerian Stock Exchange Market (NSEM) uncertainties, In our previous work (Magaji et al, 2013) we presented the Naive Bayes and SVM-SMO algorithms as a tools for predicting the Nigerian Stock Exchange Market; subsequently we used the same transformed data ...

  17. The Role of Exchange Traded Funds in the Price Discovery Process of Stocks Listed on the Botswana Stock Exchange

    Directory of Open Access Journals (Sweden)

    Edson Kambeu

    2017-04-01

    Full Text Available In this paper we analyse the role of Exchange Traded Funds (ETFs in the price discovery process of stocks listed at the Botswana Stock Exchange.Using daily returns data covering the period 3 January 2013 to 31 December 2015   for Beta Betta ETF and Domestic Company Indices, we utilize a VECM model to find out whether the Betta Beta ETF is playing a significant role in the price discovery process of stocks listed on the Botswana Stock Exchange. We found the error correction term to be statistically significant thereby confirming that the Beta Betta ETF is playing a significant role in the price discovery of stocks listed on the Botswana Stock Exchange.

  18. THE EFFECT OF MACROECONOMIC VARIABLES ON BANKING STOCK PRICE INDEX IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

    Full Text Available Stock price index can be regarded as a barometer in the measuremet of a nation’s economic condition, besides it can also be used in conducting statistical analysis on the current market. Stock is the proof of one’s share in a company in the form of securities issued by the listed go-public companies. This study was conducted to measure the effect of macroeconomic variables such as inflation, interest rate, and exchange rate on banking stock price index in Indonesia stock exchange or Bursa Efek Indonesia (BEI. The results of study show that inflation and exchange rate posively influence the stock price index. The positive effect of the exchange rate shows that issuers who were positively affected by Rupiah (IDR depreciation appear to be the most dominant group. Meanwhile, the interest rate or Suku Bunga (SBI has a negative effect. Lower interest rate stimulates higher investments and better economic activities which increase the stock price.

  19. 77 FR 521 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated and National Stock...

    Science.gov (United States)

    2012-01-05

    ...-2011-14] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated and National Stock... Proposed Acquisition of the National Stock Exchange, Inc. by CBOE Stock Exchange, LLC December 29, 2011. I... National Stock Exchange, Inc. (``NSX'') filed with the Securities and Exchange Commission (``Commission...

  20. DETERMINANTS OF SHARE PRICES AT KARACHI STOCK EXCHANGE

    OpenAIRE

    Khan, Muhammad Nauman; Amanullah, -

    2012-01-01

    Knowing about stimulus of stock indices is a key for the future projection of stocks performance and in turn provide base for making and suggesting appropriate economic policies. The main objective of the study is to find different determinants of share prices and the relationship of these determinants with the share prices of Karachi Stock Exchange (KSE) 100 index of Pakistan. After going through literature review 5 quantitative determinants, namely Book to Market (B/M) ratio, Price Earning ...

  1. Conducting event studies on a small stock exchange

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Olson, Dennis; Peare, Paula

    This paper analyses whether it is possible to perform an event study on a small stock exchange with thinly trade stocks. The main conclusion is that event studies can be performed provided that certain adjustments are made. First, a minimum of 25 events appears necessary to obtain acceptable size...

  2. Millennium Development Goals and the Nigerian Stock Exchange ...

    African Journals Online (AJOL)

    The paper examines the relationship between the Millennium Development Goals and the Nigerian Stock Exchange. It highlighted the significance of having a robust business community (private sector), which is paramount in achieving sustainable national development and the MDGs.

  3. Marketing of green electrons. Solar-power stock exchanges

    International Nuclear Information System (INIS)

    Nussbaumer-Waelti, E.

    1999-01-01

    An independent power producer evaluates the current solar-power stock exchanges in Switzerland. Most stock exchanges have been created by electric utilities which want to deliver 'green' power to those of their clients asking for. A first group of solar-power stock exchanges offer to take over the produced solar power at a marginal price. Among them, some organise a competition between the potential solar-power producers, in order to press down the investment cost for the new photovoltaic plants to build. Other stock exchanges propose a periodical adaptation of the prices, especially an adaptation to the capital interest rate. For sure, the total length of the time period for which the contract is established is one of the decisive factors. Because no bank is ready to grant a credit for such an investment without having seen a long-running take-over contract for the produced power [de

  4. Market Performance and Accounting Information as the Reference of Stocks Portfolio Formation in Indonesia Stock Exchange

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2009-01-01

    This study aimed to a stock portfolio formed with composite of companies market (PER, PBV, ROE, EPS, PSR, and B/M, VaR) and accounting performance (ROE, and EPS) also their market capitalization in Indonesia Stock Exchange period 2003-2006. Some clarification need to achieved, such as: real difference among variabel refer to their market capitalization and influence of predictor to stock return. Hereinafter, the performance of selected portfolio were evaluated. The evaluation result conclude ...

  5. Comparing Information Content of Accounting in Companies with Growth and Value Stocks in Tehran Stock Exchange

    OpenAIRE

    Sahar Haghnejad; Zahra Alipourdarvish

    2015-01-01

    Disclosure of information to the market is followed by different behaviors and reactions on the part of analysts and investors. Type of stocks in the market and amount of information content also affect the strength and extent of this reaction. The present study investigates the differences between the information content of accounting in companies with growth and value stocks. The statistical population was the companies listed on Tehran Stock Exchange from 2007 to 2013, out of which the sta...

  6. Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

    Science.gov (United States)

    Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.

    2015-06-01

    This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

  7. Estimating the effects of Exchange and Interest Rates on Stock ...

    African Journals Online (AJOL)

    The study examined the effects of exchange rate and interest rate on the Nigerian Stock Market using the All-share index as a proxy for the market. The monthly closing returns of All-share index, exchange rates and interest rates were utilized for a period of thirty years beginning from January, 2009 to December, 2011.

  8. Price discovery on the Johannesburg Stock Exchange: Examining ...

    African Journals Online (AJOL)

    This study is the first to examine the price discovery process on the South African Johannesburg Stock Exchange since several significant market changes occurred, including the introduction of Exchange Traded Funds (ETFs). This paper examines the FTSE/JSE Top 40 Index, the Top 40 Index Futures and the SATRIX Top ...

  9. SME Stock Exchanges - Should They Have a Greater Role?

    Directory of Open Access Journals (Sweden)

    Aljosa Sestanovic

    2016-03-01

    Full Text Available Access to finance is widely recognized as one of the main impediments for growth and development of the small and medium enterprises. This article presents certain aspects of development of stock exchanges oriented towards small and mediumsize enterprises. It aims to contribute towards the growing debate on funding of small and medium enterprises through dedicated stock exchanges and serve as a useful contribution to stakeholders to undertake certain steps toward implementation of effective policies for design of exchanges dedicated to financing of small and medium enterprises.

  10. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    This means that today's returns have nothing to do with yesterday's behaviour and there are no 'memory' effects i.e. the returns are independent. This leads to the argument that the data of stock prices and returns .... Hurst used the dimensionless ratio R/S, where S is the standard deviation which is given as. S = 1 τ τ. ∑ t 1.

  11. Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

    Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

  12. Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

    Full Text Available This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.

  13. ASPECTS REGARDING THE DEVELOPMENT OF BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mirela MATEI

    2008-12-01

    Full Text Available Capital market in Romania is in a slow process of development, because the performances of the Bucharest Stock Exchange (BSE are ranking it among the last ones in Europe. The causes of slow development of capital market and remain behind compared to other Eastern European markets are numerous and consist of: late establishment of the two parts of the capital market û stock exchange and OTC market, modest use of capital market in the privatization process of state-owned companies; compromise of investment funds after scandals with SAFI and FNI; delay reform of the pension system, withdrawal from Bucharest Stock Exchange of major companies such as Dacia Pite║ti, Arctic Gπie║ti or Terapia Cluj Napoca, using bank credit as financing method of Romanian companies. Products lunched by BSE must satisfy the requirements of local and foreign investors who were already accustomed to derivatives launched by the Financial and Commodities Exchange from Sibiu. In addition, Bucharest Stock Exchange should use the experience of major European and American ones that run large financial processes of innovation and launched contracts on weather, volatility indices, price indexes for real estate, etc.

  14. Ranking Tehran’s Stock Exchange Top Fifty Stocks Using Fundamental Indexes and Fuzzy TOPSIS

    Directory of Open Access Journals (Sweden)

    E. S. Saleh

    2017-08-01

    Full Text Available Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.

  15. Cluster fusion-fission dynamics in the Singapore stock exchange

    Science.gov (United States)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

    In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.

  16. Forcasting Philippine daily stock exchange index | Urrutia | Journal ...

    African Journals Online (AJOL)

    The purpose of the study is to produce a model that can estimate a three-year forecast of the Philippine Daily Stock Exchange Index. Seasonal Autoregressive Integrated Moving Average (SARIMA) model is applied ona total of 4,927 daily data observations from 1995 to 2014. By then, actual and predicted values was ...

  17. A History of the Rhodesian Stock Exchange: The Formative Years ...

    African Journals Online (AJOL)

    or Register. DOWNLOAD FULL TEXT Open Access DOWNLOAD FULL TEXT Subscription or Fee Access. A History of the Rhodesian Stock Exchange: The Formative Years, 1946-1952. George Karekwaivenani. Abstract. No Abstract Available Zambezia (2003), XXX (i): 9-34. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT

  18. "Price-quakes" shaking the world's stock exchanges.

    Directory of Open Access Journals (Sweden)

    Jørgen Vitting Andersen

    Full Text Available BACKGROUND: Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. METHODOLOGY/PRINCIPAL FINDINGS: Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. CONCLUSIONS/SIGNIFICANCE: We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

  19. "Price-quakes" shaking the world's stock exchanges.

    Science.gov (United States)

    Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

    2011-01-01

    Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

  20. SKEWNESS IN STOCK RETURNS: EVIDENCE FROM THE BUCHAREST STOCK EXCHANGE DURING 2000 – 2011

    Directory of Open Access Journals (Sweden)

    IULIAN PANAIT

    2012-05-01

    Full Text Available Our paper investigates the symmetry in stock returns of the 30 most liquid companies traded on Bucharest Stock Exchange during 2000 – 2011 and also the most representative 5 market indices. Our daily data shows that skewness estimates are slightly negative for most indices and individual stocks, but only a few present values significantly different from the characteristics of a normal distribution. We compare our results with skewness estimates for 21 major and emerging stock market indices around the world and find that such results are similar to other low capitalization and trading volume markets. For all the Romanian and international assets studied, the Studentized-Range (St-R and Jarque-Bera (J-B tests reject the hypothesis of normal distribution of daily returns.

  1. Determinants of Stock Price Movements: Evidence from Chittagong Stock Exchange, Bangladesh

    Directory of Open Access Journals (Sweden)

    Mohammed Syedul Islam

    2015-01-01

    Full Text Available Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-crash period. Cross-sectional data were collected from secondary sources. Using linear regression method, the study found that both, dividend and retained earnings of sample banks have strong influence over the stock price, though there was moderate explanatory power of those variables. After reviewing the causes of crisis 2010-2011, this study suggests the following: to control price manipulation, to publish proper financial statement, regulate the dividend policy, to ensure sufficient knowledge among investors, recruit technical expert and ensure proper settlement for transactions, prevent crises of stock market against speculation etc.

  2. Testing for regime-switching CAPM on Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-12-01

    Full Text Available The standard Capital Asset Pricing Model assumes that a linear relationship exists between the risk (beta and the expected excess return of a stock. However, empirical findings have shown over the years that this relationship varies over time. Stock markets undergo phases of greater and smaller volatility in which beta varies accordingly (undergoes different regimes. Given that the Croatian capital market is still insufficiently investigated, the aim of this paper is to explore the possibility of a non-linear relationship between the stock risk and return. Linear and Markov-switching models (Hamilton 1989 are examined on the Zagreb Stock Exchange based on monthly data on 21 stocks, ranging from January 2005 to December 2013. In that way, investors can use the results based on the best model when making decisions about buying stocks. Since this is one of the first papers on regime-switching on the Croatian capital market, it will hopefully contribute to the existing literature on investing.

  3. A threshold model for Australian Stock Exchange equities

    Science.gov (United States)

    Bertram, William K.

    2005-02-01

    In this paper, we present a threshold model to describe the phenomena of zero return enhancement that is present in Australian Stock Exchange data. We examine the intraday behaviour of the ASX data and construct a new measure for the market activity using principal component analysis. We use this measure to create a business time scale that keeps the level of zero return enhancement constant throughout trading hours. Operating in this new time scale we fit the model to data for small and large time scales and find that the model affords an excellent approximation of the distribution of stock returns.

  4. 26 CFR 1.354-1 - Exchanges of stock and securities in certain reorganizations.

    Science.gov (United States)

    2010-04-01

    ... circumstances no gain or loss is recognized to a shareholder who surrenders his stock in exchange for other... in exchange for common stock of Corporation W. No gain or loss is recognized to A. Example 2... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Exchanges of stock and securities in certain...

  5. Measuring the Effect of Exchange Rate Movements on Stock Market Returns Volatility: GARCH Model

    Directory of Open Access Journals (Sweden)

    Abdelkadir BESSEBA

    2017-06-01

    Full Text Available This paper aims to investigate the dynamic links between exchange rate fluctuations and stock market return volatility. For this purpose, we have employed a Generalized Autoregressive Conditional Heteroscedasticity model (GARCH model. Stock market returns sensitivities are found to be stronger for exchange rates, implying that exchange rate change plays an important role in determining the dynamics of the stock market returns.

  6. Tallinn - Taani linn / Ago Vallas

    Index Scriptorium Estoniae

    Vallas, Ago

    2002-01-01

    rets. rmt.: Zobel, Rein. Tallinn (Reval) keskajal : linnaehitus 13. - 14. sajandil = Tallinn (Reval) in the middle ages : town building in the 13 th - 14 th centuries. Tallinn : Eesti Entsüklopeediakirjastus, 2001. 213 lk. : ill., kaart

  7. An international integration history of the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Luka Sikic

    2017-06-01

    Full Text Available We investigate stock market co-movements among the Croatian and several other markets (in the US, UK, Germany, Austria, Poland, Czech Republic and Hungary in the period from 3 September 1997 to 19 August 2016 with dynamic correlation coefficient models. This allows us to analyse long-term trends of the international financial integration of the Zagreb Stock Exchange in the last two decades as well as the separate impacts of major events that influenced financial markets during that period. Our results imply a relatively low level of international financial integration of the Croatian stock market, but some convergence in co-movement with the analysed markets over time is present. The strongest market co-movement is related to the subprime mortgage crisis, and EU accession seems to have made Croatian international integration less segmented.

  8. Applying Portfolio Selection: A Case of Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maria Praptiningsih

    2012-01-01

    Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.

  9. The Impact of fear on the stock exchange gamblers’ behaviour

    Directory of Open Access Journals (Sweden)

    Titus SUCIU

    2015-12-01

    Full Text Available The paper creates a link between the five basic fears in humans and their occurrence when we invest in the stock exchange. The author identifies five basic fears in humans: fear of being rejected, abandoned, humiliated, betrayed and the victim of an injustice. The stock market investor is confronted with the following fears: the disposition effect, the hedonistic approach, the effect of the committed expenditure, the snake bite effect, the dismissal of any regret (or the no regret approach, the status quo prejudice and the endowment effect. The author shows that the stock investor’s seven fears are specific cases of the five basic fears. The first step in confronting these fears is to become aware of the mask worn.

  10. Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-03-01

    Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

  11. CAPITAL STRUCTURE DETERMINANTS: EVIDENCE FROM PALESTINE AND EGYPT STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Abdul Razak Abdul Hadi

    2017-04-01

    Full Text Available Abstract -This study is driven by the motivation to examine the capital structure determinants for Palestine Stock Exchange (PEX and Egypt Stock Exchange (EGX. Within the framework of capital structure theories, this study uses Generalized Method of Moments (GMM,1982 as an estimation model employing quarterly panel data analysis during the observed period from 2008 till 2012. The test results from GMM indicate that all the examined determinants have significant relationship with leverage. It has a negative value with liquidity, non-debt tax shield, profitability, size and growth. The Egyptian firms have some uniqueness in its trend. Current assets, debt ratio and liquidity behave positively with leverage except for growth. The other tested determinants in Egyptian companies are found to be not significant.

  12. Exchange rate volatility and its effect on stock market volatility

    Directory of Open Access Journals (Sweden)

    K. Kennedy

    2016-01-01

    Full Text Available This paper investigates empirically the effect of volatility of the exchange rate of the U.S. dollar vis-à-vis the euro on U.S. stock market volatility while controlling for a number of drivers of stock return volatility. Using a GARCH(1, 1 model and using weekly data covering the period from the week of January 1, 1999 through the week of January 25, 2010, it is found that the 9/11 terrorist attack, bear markets, fluctuations in jobless claims, and negative equity market returns increase financial volatility. On the other hand, no conclusive results are found regarding the effect of fluctuations in M2, or incorrect expectations of changes in the federal funds target rate. Finally, it is found that when major drivers of financial volatility are controlled for, increased exchange rate volatility exerts a positive and statistically significant effect on the volatility of stock returns. Monetary policymakers need to take this effect into account when formulating exchange rate actions within the prevailing managed float.

  13. Investor Reaction to Mandatory Offers on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Szymon Okoń

    2012-06-01

    Full Text Available The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its grounds in the Polish legal system. Additionally, it presents empirical research on the reactions of investors to mandatory offers on the Warsaw Stock Exchange. It has been provided that mandatory offers have a significant impact on the price of a company’s shares listed on the Warsaw Stock Exchange. Knowledge about the reactions of investors to a mandatory offer may be used when selecting securities for an investment portfolio. The findings may provide guidance in deciding whether to begin or end investment in the company, both for individual and institutional investors. The event study methodology approach used in the paper is regarded as valuable and can be the basis for further research in other areas of the capital market research, especially in the context of information efficiency.

  14. STUDY ON FINANCIAL COMMUNICATIONS FROM PUBLIC RETAIL COMPANIES: COMPARATIVE ANALYSIS – MILANO STOCK EXCHANGE AND BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-09-01

    Full Text Available The economic and financial crisis that hit the world economy has shown that for retail companies, growth continued to record only for those who held full control over every point of sale. The objective of our work is focused on the analysis of the most important financial indicators that a retail company should focus on and include in communication with external stakeholders. We make the connection with problems of the real economy through a comparative study of Romania and Italy, in which we analyze retail companies listed on the Bucharest Stock Exchange (BSE and a similar number of retail companies listed on the Milan Stock Exchange (MSE. The importance of the topic stems from the fact that it is essential for understanding how consumers relate the various retail companies and how the latter model their structure or behavior depending on the requirements and needs of the former.

  15. Stock Market Optimism and Cointegration among Stocks: The Case of the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Baxa, Jaromír

    2007-01-01

    Roč. 15, č. 4 (2007), s. 5-16 ISSN 0572-3043 R&D Projects: GA ČR GD402/03/H057 Institutional research plan: CEZ:AV0Z10750506 Keywords : stock market * optimism * cointegration Subject RIV: AH - Economics

  16. Stock Prices and Resignation of Members of the Board: The Case of the Warsaw Stock Exchange

    OpenAIRE

    Henryk Gurgul; Pawel Majdosz

    2007-01-01

    In this paper we provide an empirical analysis of announcements of resignation of board members using data which comes from the Warsaw Stock Exchange. The market reaction to this information is tested at different time horizons by means of event study methodology. The results show that market reaction is rather positive immediately before the announcement release and negative over the following six-day-period starting on the event day. A possible explanation for this phenomenon is suggested. ...

  17. Structural and topological phase transitions on the German Stock Exchange

    Science.gov (United States)

    Wiliński, M.; Sienkiewicz, A.; Gubiec, T.; Kutner, R.; Struzik, Z. R.

    2013-12-01

    We find numerical and empirical evidence for dynamical, structural and topological phase transitions on the (German) Frankfurt Stock Exchange (FSE) in the temporal vicinity of the worldwide financial crash. Using the Minimal Spanning Tree (MST) technique, a particularly useful canonical tool of the graph theory, two transitions of the topology of a complex network representing the FSE were found. The first transition is from a hierarchical scale-free MST representing the stock market before the recent worldwide financial crash, to a superstar-like MST decorated by a scale-free hierarchy of trees representing the market’s state for the period containing the crash. Subsequently, a transition is observed from this transient, (meta)stable state of the crash to a hierarchical scale-free MST decorated by several star-like trees after the worldwide financial crash. The phase transitions observed are analogous to the ones we obtained earlier for the Warsaw Stock Exchange and more pronounced than those found by Onnela-Chakraborti-Kaski-Kertész for the S&P 500 index in the vicinity of Black Monday (October 19, 1987) and also in the vicinity of January 1, 1998. Our results provide an empirical foundation for the future theory of dynamical, structural and topological phase transitions on financial markets.

  18. A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyyed Ali Lajevardi

    2014-07-01

    Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

  19. Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange

    Directory of Open Access Journals (Sweden)

    Udani Chathurika Edirisinghe

    2015-02-01

    Full Text Available This study investigates the stock market reaction for right issues and debenture issues of Colombo Stock Exchange (CSE during the period of 2005 to 2011 while providing evidence for the research question “how do stock prices react to the debt and equity issue announcements of listed companies in CSE?” In investigating the ex-ante and ex-post market reactions the study employees event study methodology, while predicting abnormal returns, based on three alternative normal/expected returns modeling methods, namely Mean Adjusted Model, Market Adjusted Model, and Capital Asset Pricing Model. When testing the alternative hypothesis, whether stock prices significantly reacts to the announcement of right & debenture issues, results of all models show positive market reaction during the 30 days prior to the announcement and react negatively from 2 days after the announcements for right issues, but for debenture issues market reacted negatively during the period prior to debenture issues and continue to do the same during the post event period. Although the magnitude and significance of abnormal return generated through three alternatives methods differ, the pattern of the CAAR of all models are similar. Thus, as far as the speed of the price adjustment is concerned it seems that the CSE is not efficient.

  20. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-da-Silva

    2014-08-01

    Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

  1. An empirical investigation of Australian Stock Exchange data

    Science.gov (United States)

    Bertram, William K.

    2004-10-01

    We present an empirical study of high frequency Australian equity data examining the behaviour of distribution tails and the existence of long memory. A method is presented allowing us to deal with Australian Stock Exchange data by splitting it into two separate data series representing an intraday and overnight component. Power-law exponents for the empirical density functions are estimated and compared with results from other studies. Using the autocorrelation and variance plots we find there to be a strong indication of long-memory type behaviour in the absolute return, volume and transaction frequency.

  2. Test of Random Walk Behavior in Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Muhammad Mudassar

    2013-05-01

    Full Text Available Study was carried out to check the random behavior of the Karachi Stock Exchange (KSE 100 Index during the period of past three financial years to know whether investors could generate abnormal profits during the period or otherwise. Tests used were Runs Test, ADF Test, PP Test and Autocorrelation Function Test. During the study it was found that the performance of KSE 100 Index remained in weak form of inefficiency and investors have been able to generate excessive returns on their investment most of the times.

  3. Test Of Capital Asset Pricing Model On Stocks At Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Arbab Khalid Cheema

    2010-12-01

    Full Text Available This paper attempts to empirically test the single-factor CAPM developed by Sharpe (1964, Lintner (1965 and Jan Mossin (1966 and others, which proposes that the expected returns of capital assets are dependent on their risk relative to the entire market which is quantified by a correlation co-efficient between asset returns and market returns. The test of 20 stocks at Karachi Stock Exchange have shown that though, the beta co-efficients are significant, their strength is considerably weak. Therefore, other factors which are unaccounted for in this model are important in determining risk and return. In addition, betas are less relevant in a volatile emerging capital markets like the KSE. Thus, the multi-factor models are better than the classical CAPM at determining the risk-return relationship. However, the single-factor CAPM remains in practice beacause of its simplicity.

  4. 78 FR 28671 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-05-15

    ... COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...,\\2\\ notice is hereby given that on May 6, 2013, the Chicago Stock Exchange, Inc. (``CHX'' or the...'' marker. As discussed above, the Exchange proposes to delete the order execution modifier ``Outbound ISO...

  5. Flux in Tallinn

    Index Scriptorium Estoniae

    2004-01-01

    Rahvusvahelise elektroonilise kunsti sümpoosioni ISEA2004 klubiõhtu "Flux in Tallinn" klubis Bon Bon. Eestit esindasid Ropotator, Ars Intel Inc., Urmas Puhkan, Joel Tammik, Taavi Tulev (pseud. Wochtzchee). Klubiõhtu koordinaator Andres Lõo

  6. Extreme value modelling of Ghana stock exchange index.

    Science.gov (United States)

    Nortey, Ezekiel N N; Asare, Kwabena; Mettle, Felix Okoe

    2015-01-01

    Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana stock exchange all-shares index (2000-2010) by applying the extreme value theory (EVT) to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before the EVT method was applied. The Peak Over Threshold approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model's goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the value at risk and expected shortfall risk measures at some high quantiles, based on the fitted GPD model.

  7. Stock market liquidity and firm dividend policy: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-08-01

    Full Text Available In this study, we examined the relationship between the dividend policy and shares liquidity under different criteria on 80 selected firms listed on Tehran Stock Exchange over the period 2007-2011. We used of Amivest, turnover, Gopalan and flow measures for shares liquidity. Using some statistical tests, the study has determined that there was not any meaningful relationship between Amivest liquidity with dividend policy. However, the study detected a reverse relationship between turnover liquidity and with dividend policy, and direct relationship between Gopalan liquidity with dividend policy and between flow liquidity with dividend policy.

  8. Functional Principal Components Analysis of Shanghai Stock Exchange 50 Index

    Directory of Open Access Journals (Sweden)

    Zhiliang Wang

    2014-01-01

    Full Text Available The main purpose of this paper is to explore the principle components of Shanghai stock exchange 50 index by means of functional principal component analysis (FPCA. Functional data analysis (FDA deals with random variables (or process with realizations in the smooth functional space. One of the most popular FDA techniques is functional principal component analysis, which was introduced for the statistical analysis of a set of financial time series from an explorative point of view. FPCA is the functional analogue of the well-known dimension reduction technique in the multivariate statistical analysis, searching for linear transformations of the random vector with the maximal variance. In this paper, we studied the monthly return volatility of Shanghai stock exchange 50 index (SSE50. Using FPCA to reduce dimension to a finite level, we extracted the most significant components of the data and some relevant statistical features of such related datasets. The calculated results show that regarding the samples as random functions is rational. Compared with the ordinary principle component analysis, FPCA can solve the problem of different dimensions in the samples. And FPCA is a convenient approach to extract the main variance factors.

  9. INTERDEPENDENCE BETWEEN JAKARTA STOCK EXCHANGE AND OTHER PACIFIC-BASIN STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Noer Azam Achsani

    2011-08-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 International capital markets linkages have been studied since early 90-es.  Most of these studies have mainly focused on the US and other developed markets. There were only a few researches on this topic in the emerging markets.  This paper examines the dynamic linkages among Indonesian and other Pacific-Basin stock markets using correlation analysis, Granger-causality and vector autoregressive (VAR approach. All the methods give generally similar results. Our empirical results indicate a high degree of international co-movement among the stock price indices.  The degree of integration among these markets after Asian Crisis increased substantially in compare to those before Asian Crisis. The results also show that there are close relationships among the geographically and economically closed markets such as ASEAN markets, New Zealand-Australian and also Hong Kong - South Korea.  The pattern of impulse-response functions illustrates a rapid transmission of stock market events. Shocks in the developed markets are immediately transmitted to other markets. Shocks in the emerging markets are also transmitted to other markets, but without such a big effect comparing to those in the developed markets. The Jakarta stock exchange is strongly correlated with other Pacific-Basin markets, especially with ASEAN markets, Hong Kong and Australia.   The strongest foreign effects for the JSX come from Singapore, Hong Kong and Thailand. They can explain about 5 – 8% of error variance of the Jakarta Index. In contrast, the JSX index can explain 3 - 5 % of their error variances. 

  10. Granger causality between stock prices and currency exchange rates in Thailand

    Science.gov (United States)

    Kosapattarapim, Chaiwat

    2017-11-01

    The objective of this paper is to study the causal relationship between stock prices and exchange rates in Thailand using the Granger causality tests based on cointegration. The daily closing prices and exchange rates data considered in this paper cover from December 7, 2012 to June 22, 2016. The Johansen cointegration test finds that there is a long-run relationship between the stock prices and exchange rates. Using the Granger test for investigating the directional causality of stock prices and exchange rates in Thailand, the results show that there is an evidence of unidirectional long-run causality running from stock prices to exchange rate but no evidence of the movement from exchange rates to stock prices.

  11. Managerial ability and earnings quality: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hamid Salehi

    2014-07-01

    Full Text Available Auditor independence is associated with the independence of the internal/external auditor from various parties who may have some financial interest in the business being audited. Many countries have set up different rules forcing firms to change their auditors every few years. This helps business retain healthy business. This paper presents an empirical investigation to study the effect of change in auditing system on 90 selected firms from Tehran Stock Exchange over the period 2007-2011. Using a regression model developed earlier by Demerjian et al. (2012a [Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2012a. Managerial ability and earnings quality. The Accounting Review, 88(2, 463-498.], the study determines a positive impact of change in auditor system on business development.

  12. Investors’ Behavior Placing Orders in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ghazali Syamni

    2014-08-01

    Full Text Available The  objective  of  this  research  is  to  analyze  the  behavior  pattern  of  trading  volume at  opening  and  closing  of  market  in  Indonesia  Stock  Exchange.  The  behaviors  pattern  is structured by investors' decision in placing buy and sell orders. This research used intraday data transaction history-corporate edition demand and order history stock which included in pre-opening and LQ-45 in Indonesia Stock Exchange on March, April, and Mei 2005. The result of this research is investor place bigger order on the opening and closing markets than period trading. This shows that they are more carefully and more conservative in doing trades on  the  opening  session.  This  can  occur  because  of  the  large  orders  at  the  market  opening is not necessarily for investors to execute the transaction order status match. Research has found that the pattern of investors in making orders morning session has a reverse J pattern and a pattern of J at afternoon session. Reverse J pattern in the morning session subject to lunch time and most of these patterns of behavior are driven by more dominant sell orders in comparison to buy orders, while the afternoon session or the closing of the market is caused by of investors who want to realize higher transaction match. Other implication is investors must  be  more  active  in  observing  all  of  the  information  in  doing  trading  on  pre  opening, during, and closing of market. ";} // -->activate javascript

  13. An Intense Nigerian Stock Exchange Market Prediction Using Logistic

    African Journals Online (AJOL)

    investor can alter the stock price as defined by expectation. The other work found in the literature, that did not make use of the ANN is the one presented by Emenike K.O (2010) [12], the Autoregressive Integrated. Moving Average (p,d,q) model [ARIMA] was used to models and forecasts stock prices of the Nigerian Stock ...

  14. An application of Markowitz theorem on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-05-01

    Full Text Available During the past 65 years, there have been tremendous efforts on portfolio selection problem. The standard Markowitz mean–variance model to portfolio selection includes tracing out an efficient frontier, a continuous curve demonstrating the tradeoff between return and risk. This frontier can be often detected via standard quadratic programming, categorized in convex optimization. Traditional Markowitz problem has been recently extended into a new form of mixed integer nonlinear problems by considering various constraints such as cardinality constraints, industry limitation, etc. This paper proposes a mixed integer nonlinear programming to determine optimal asset allocation on Tehran Stock Exchange. The results have indicated that a petrochemical firm named Farabi has gained 44% of the portfolio followed by a drug firm named Kosar Pharmacy gaining 28%. In addition, banking sector was the third winning firm where Eghtesad Novin bank gained nearly 10% of the portfolio. Minerals and mining firms were the next sector in our portfolio where Gol Gohar Iron Ore and Tehran Cement collected 0.73% and 0.57% of the portfolio, respectively. In our survey, auto industry gained only 0.26% of the portfolio, which belonged to Saipa group.

  15. The Diversity of Financial Instruments Traded on the Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iulia-Oana BELCIC-ŞTEFAN

    2015-09-01

    Full Text Available The present study aims to accomplish an in depth analysis of the types of financial instruments traded on the stock exchange, showing in detail both their characteristics and their implications in terms of expected earnings but also the level of associated risk. Depending on the timeframe considered and their own aversion to assumed risk, investors must realize optimal selection of the financial instruments in which they aim to place their funds. Thus, for a long-term investor who does not want to assume a high risk is indicated purchasing bonds, government securities or structured products such as capital protected certificates. If the same long-term investor decides that he can take a higher risk in order to obtain higher gains, he can choose to purchase shares or structured products such as index certificates. The third situation targets investors who seek to obtain short-term gains, but with certain aversion towards the level of assumed risk, for whom is recommended to purchase ETF fund units. At the same time, experienced investors pursuing short-term placement of funds and obtaining substantial gains regardless of the level of risk assumed opt, generally, for structured products such as turbo certificates or derivative financial instruments such futures and options.

  16. TESTING FORMARKET ANOMALIES IN DIFFERENT SECTORS OFTHE JOHANNESBURG STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mpho I. Mahlophe

    2017-01-01

    Full Text Available Thisstudy comparedthe performance of different asset-pricing models and theirability to account for market anomalies in different sectors of the JohannesburgStock Exchange (JSE. The total sample size of the study consisted of 156companies categorised into six differentsectors namely, resources, consumergoods, consumer services, financial, industrial and others.Various asset-pricingmodels such asthe Capital Asset pricing Model(CAPM,the Fama and Frenchthree-factor model andthe Carhartfour-factor model were used to analyse monthlydata from January 2002 to December 2014. Variables used include themonthlystock return for each company and different market anomalies namely, size, value,January and momentum effects. The study revealedthat whenever the asset-pricingmodels were not restricted, they tend to capture the market anomalies in fourout ofthe six sectors. In contrast,when the models are restricted, they only seem to capturetheanomaliesinone of the six examined sectors.Thus,market anomalies aresensitive to model specifications, as restricting the modelstends to reduce thelikelihood of finding the presence of the market anomaliesacross the sectors.Ourfindings also show that market anomaliestend to differ across sectors and somesectors seem to bemore efficient than others.

  17. Events - France. Stock exchange. International; Actualite - France. Bourse. International

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2000-10-01

    These columns made of short articles report on facts and events in the oil and gas industry in France and worldwide: 1 - France: increase of the production capacity of the ethylene oxide unit of BP's Lavera plant; the 'Plateaux-du-Vexin' gas pipeline crosses the Seine river; completion of the pumping of the front wreckage of the Erika tanker ship; Total inaugurates a vapor recovery unit at the Gonfreville l'Orcher refinery; a national energy saving plan for the abatement of the greenhouse effect; Sercel, a daughter company of Compagnie Generale de Geophysique (CGG), acquires Mark Products division of Shaw industries; the oil prices shoot the international trade; 2 - stock exchange: trend of market values in the context of oil crisis; 3 - international: important oil and gas strike made by TotalFinaElf and OKIOC (Offshore Kazakhstan International Operating Company) in Kazakhstan; communication: a new look for BP; status of Lukoil reserves in Russia; next round for the exploration of the Norwegian North Sea; Transocean Sedco Forex absorbs R and B Falcon Corp and becomes the first drilling contractor; ENI (Italy) becomes operator on the development of South Pars gas field (Iran) for the phases 4 and 5; Shell Overseas Investments BV, BP and Exxon Mobil have signed strategic alliance agreements with China Petroleum and Chemical Corp (Sinopec); first exploration permits for the Faeroe islands; different gas pricing rules for the industrialists in the different European countries. (J.S.)

  18. Effective transfer entropy approach to information flow between exchange rates and stock markets

    International Nuclear Information System (INIS)

    Sensoy, Ahmet; Sobaci, Cihat; Sensoy, Sadri; Alali, Fatih

    2014-01-01

    We investigate the strength and direction of information flow between exchange rates and stock prices in several emerging countries by the novel concept of effective transfer entropy (an alternative non-linear causality measure) with symbolic encoding methodology. Analysis shows that before the 2008 crisis, only low level interaction exists between these two variables and exchange rates dominate stock prices in general. During crisis, strong bidirectional interaction arises. In the post-crisis period, the strong interaction continues to exist and in general stock prices dominate exchange rates

  19. Stock Market Integration in Africa: The Case of the Johannesburg Stock Exchange and Selected African Countries

    OpenAIRE

    Gail Ncube; Kapingura Forget Mingiri

    2015-01-01

    African stock markets are deemed to be small, segmented and illiquid. Given this back ground, the study utilises monthly data for the period 2000-2008, employing the Johansen and Julius cointegration method to determine the long-run relationship between the five selected African stock markets. Granger causality tests were also conducted to establish if there are any causal links between the stock markets in Africa. The analysis in the study indicates that African stock markets are improving i...

  20. 78 FR 13919 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-01

    ... Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... Exchange proposes to amend Article 8, Rule 13 (Advertising, Promotion and Telemarketing), which, among.... Date of Effectiveness of the Proposed Rule Changes and Timing for Commission Action The Exchange...

  1. Modeling Philippine Stock Exchange Composite Index Using Weighted Geometric Brownian Motion Forecasts

    Directory of Open Access Journals (Sweden)

    Gayo Willy

    2016-01-01

    Full Text Available Philippine Stock Exchange Composite Index (PSEi is the main stock index of the Philippine Stock Exchange (PSE. PSEi is computed using a weighted mean of the top 30 publicly traded companies in the Philippines, called component stocks. It provides a single value by which the performance of the Philippine stock market is measured. Unfortunately, these weights, which may vary for every trading day, are not disclosed by the PSE. In this paper, we propose a model of forecasting the PSEi by estimating the weights based on historical data and forecasting each component stock using Monte Carlo simulation based on a Geometric Brownian Motion (GBM assumption. The model performance is evaluated and its forecast compared is with the results using a direct GBM forecast of PSEi over different forecast periods. Results showed that the forecasts using WGBM will yield smaller error compared to direct GBM forecast of PSEi.

  2. Bankruptcy by catastrophes for major multi-nationals : Stock exchange sensitivity for three catastrophes

    NARCIS (Netherlands)

    Van Gulijk, C.; Ale, B.J.M.

    2012-01-01

    This paper investigates the effect of major catastrophes have on stock exchange values for the major multi-nationals. The paper demonstrates that the Sharpe analysis is more sensitive in identifying effects than just following the daily stock values for assessing market response. It was found that

  3. 26 CFR 1.356-4 - Exchanges for section 306 stock.

    Science.gov (United States)

    2010-04-01

    ... exchange for section 306 stock, an amount equal to the fair market value of the property plus the money, if... of common stock having a fair market value of $80 and one $100 bond having a fair market value of... a distribution to which section 301 is applicable to the extent of its entire fair market value...

  4. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families

  5. Role of Dividend of Power to Buy Shares in Companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-06-01

    Full Text Available This study aims to determine the role of the Purchasing Power Shares on manufacturing companies in Indonesia Stock Exchange Period 2014-2015. The variables used in this study as an Independent Variable Dividend and Purchasing Power Shares as Dependent Variables. Power Buy Stocks in this study was measured by the volume of stock sales every year. This research was conducted in Manufacturing company listed on the Indonesia Stock Exchange. The population of this study were 144 companies with purposive sampling as many as 19 of the Company's Manufacturing Company listed on the Indonesia Stock Exchange with the study of the 2014-2015 period in order to obtain 38 units of analysis. Data of this research are secondary data from the financial statements of 19 companies published in the Indonesia Stock Exchange. This research data processing method using the Test Statistics Deskribtif, Classical Assumption Test, Test Linear Regression using SPSS. The results of this study demonstrate that the role of the Dividend has significant influence on the Purchasing Power Shares in Manufacturing Company in Indonesia Stock Exchange (BEI.

  6. Competition and Co-operation between Stock Exchanges in Europe - Legal Aspects and Challenges

    DEFF Research Database (Denmark)

    Sørensen, Karsten Engsig; Clausen, Nis Jul

    2002-01-01

    The article analysis why and how European Stock Exchanges enters into alliances. On the background of alliances as Norex, Euronext and the planned iX the different areas and types of co-operation is discussed.......The article analysis why and how European Stock Exchanges enters into alliances. On the background of alliances as Norex, Euronext and the planned iX the different areas and types of co-operation is discussed....

  7. Jakarta Islamic Index-L 45: Rate Financial Performance, Beta Stocks and Stock Price in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

    Full Text Available This research had analyzed the effect of financial performance and stock beta (systematic risk towards stock price of eight listed companies in Jakarta Islamic Index (JII – LQ 45 for the time period of 2012-2014. The data was gathered by employing literature study and documentation of financial statements. Multiple regressions are used to measure the effect of independent variable towards dependent variable along with ttest and F test. The results based on overall test suggested that only ROE and NPM had opposite direction correlation with the stock price, meanwhile other variables had positive direction correlation. From partial test with 5% level of significance, only EPS and PER had significant effect on stock price while other variables had no effect.   Keywords: financial performance analysis, stock price, stock beta (systematic risk, Jakarta Islamic Index

  8. CAPITAL STRUCTURE, COST OF DEBT AND DIVIDEND PAYOUT OF FIRMS IN NEW YORK AND SHANGHAI STOCK EXCHANGES

    Directory of Open Access Journals (Sweden)

    Jun Jiang

    2013-01-01

    Full Text Available The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds.

  9. Trading Mechanisms, Return’s Volatility, and Efficiency in the Casablance Stock Exchange

    Directory of Open Access Journals (Sweden)

    El Mehdi Ferrouhi

    2013-07-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE This paper studies the impact of the stock market continuity on the returns volatility and on the market efficiency in the Casablanca Stock Exchange. For the most active stocks, the trading mechanism used is the continuous market which is preceded by a call market pre opening session. Results obtained concerning return volatility and efficiency under the two trading mechanisms show that the continuous market returns are more volatile than the call market returns and 50% of stocks studied show independence between variations.   Keywords: Trading mechanism, microstructure, call market, continuous market, efficiency, volatility

  10. Testing the CAPM and Three Factors Model in China: Evidence from the Shanghai Stock Exchange

    OpenAIRE

    Wang, Weixi

    2015-01-01

    Since inception, China’s stock market has grown rapidly and has become one of the most important emerging markets in the world. However, many popular financial media depicts China’s stock market as irrational. Besides, empirical studies on asset pricing in China’s stock market do not provide a consistent conclusion for different periods. This study tests the Capital Asset Pricing Model (CAPM) and Fama-French Three Factors Model in Shanghai Stock Exchange, China. For validity test of the CAPM,...

  11. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  12. Correlation analysis of the Korean stock market: Revisited to consider the influence of foreign exchange rate

    Science.gov (United States)

    Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong

    2018-02-01

    We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.

  13. Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

    Science.gov (United States)

    Lahmiri, Salim

    In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

  14. Tallinn 2011 sai oma margi

    Index Scriptorium Estoniae

    2010-01-01

    Eesti Post andis 9. septembril 2010 välja 2011 aasta Euroopa kultuuripealinnale Tallinnale pühendatud postmargi, mis trükiti SA Tallinn 2011 ja Eesti Posti postmargi kavandamiseks korraldatud konkursi Heino Prunsvelti võidutöö "Lost in Tallinn" järgi

  15. Market Risk in Demutualised Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas

    OpenAIRE

    Andrew Worthington; Helen Higgs

    2005-01-01

    This paper examines market risk in four demutualised and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and MSCI index returns provide the respective asset and market portfolio data. A bivariate MA-GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to b...

  16. Factors Affecting the Return Stock Company in Indonesia Stock Exchange (IDX LQ45 in Years 2012-2015

    Directory of Open Access Journals (Sweden)

    Fangki A. Sorongan

    2016-03-01

    Full Text Available This research aimed to determine the effect of partially and jointly independent variable of Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM against the dependent variable on the stock return. Objects of this research were companies listed on the Indonesia Stock Exchange (BEI LQ45 continuously for four years in the period 2012-2015. Companies that qualify for this research were 28 companies. Based on this research, the conclusions indicate that all four independent variables; Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM, either jointly or partially give the significant effect on return stock.

  17. The influence of macroeconomic factors to the dynamics of stock exchange in the republic of Kazakhstan

    Directory of Open Access Journals (Sweden)

    Shakizada Uteulievna Niyazbekova

    2016-12-01

    Full Text Available This article describes the influence of macroeconomic factors on Kazakhstan Stock Exchange Market by using data from 2005 to 2014. Engle-Granger cointegration test has shown that stock index is cointegrated with the exchange rate, interest rate, CPI and oil price. Vector error correction model has confirmed that macroeconomic variables and the stock index has a long-term equilibrium relationship. Moreover, empirical results have shown that stock index can be used as a leading indicator of the economic situation in Kazakhstan. Therefore, the authors decided to consider the impact of major macroeconomic indicators to the dynamics of the stock market of the Republic of Kazakhstan. The Engle-Granger cointegration test results show that the following variables such as exchange rate, 10-years long-term bond rate, the consumer price index and the Brent oil price are cointegrated with stock index, which means that there is a long-term relationship between this stock market index and these variables. With the help of econometric models, the authors have found the factors such as the exchange rate, the 10-year long-term bonds rate, the consumer price index and the Brent oil price (these factors have the long-term relationship with stock market index. Changes in the dynamics of the stock market index in Kazakhstan are caused by changes in the dynamics of Central bank's reserves and export. The analysis has shown that the economy of the Republic of Kazakhstan (the index reflects the situation in the real sector of the economy remains dependent on world oil prices, the volume of exports and the rate of the national currency

  18. Impact in Changing Price Fraction to the Stock Trading Indicators in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Natalia Natalia

    2016-11-01

    Full Text Available The purpose of this study was to determine how the impact of changes the price fraction to the stock trading indicator that is volume, value, and frequency of trading transactions. Data were analyzed using the Mann-Whitney U test. The results show that the volume of stock trading is not affected significantly by the implementation of the tick size, whereas for the value of trade and frequency of trade significantly affected.

  19. Stock Market Returns and Exchange Rates in Botswana | Lesotho ...

    African Journals Online (AJOL)

    In this paper, a negative relationship was found to exist between the stock market returns and the US dollar, British Pound and South African Rand. The Euro and the Japanese Yen showed a positive relationship. The findings of the paper also revealed that the speed of adjustment in the VECM is significant and relatively ...

  20. Determinants of firm delisting on the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Fungáčová, Z.; Hanousek, Jan

    2011-01-01

    Roč. 20, č. 4 (2011), s. 348-365 ISSN 1210-0455 R&D Projects: GA ČR GA402/09/1595 Institutional research plan: CEZ:MSM0021620846 Keywords : stock market * delisting * transition economy Subject RIV: AH - Economics Impact factor: 0.256, year: 2011 http://www.vse.cz/pep/abstrakt.php3?IDcl=404

  1. Granger Causality Between Exchange Rate and Stock Price: A Toda Yamamoto Approach

    OpenAIRE

    Siami-Namini, Sima

    2017-01-01

    This research article attempts to examine the relationship between exchange rate (EX) and stock price using quarterly data of Iran on nominal EX, stock price index, liquidity and consumer price index covering the period of 1994:02 to 2010:01. It also investigates the long‑run relationship between variables using Johansen and Juselius (1990) co‑integration test and the short‑run dynamic causal relationship by using Toda and Yamamoto (1995) procedure. Likewise, variance decompositions serve as ...

  2. How much diversification potential is there in a single market? Evidence from the Australian Stock Exchange

    OpenAIRE

    Yang, Libin; Rea, William; Rea, Alethea

    2015-01-01

    We present four methods of assessing the diversification potential within a stock market, two of these are based on principal component analysis. They were applied to the Australian stock exchange for the years 2000 to 2014 and all show a consistent picture. The potential for diversification declined almost monotonically in the three years prior to the 2008 financial crisis. On one of the measures the diversification potential declined even further in the 2011 European debt crisis and the Ame...

  3. Moda opjat vernulas v Tallinn - Fashion Is Back In Tallinn

    Index Scriptorium Estoniae

    2008-01-01

    Moeüritus Fashion is Back in Tallinn (FIBIT) Viru Keskuses Tallinnas. Gala-etendusel "Sinine, Must ja Valge" esitletud Anu Samarüütel-Longi, Tanel Veenre ja Arne Niidu moekollektsioonidest. Lisaks värvilised fotod

  4. Designing a compatible model of share issue privatization for Tehran stock exchange (TSE development

    Directory of Open Access Journals (Sweden)

    Mohammad Aram Bonyar

    2012-04-01

    Full Text Available In this research, we conduct a reverse study to design a compatible model of share issue privatization for Tehran stock exchange (TSE development. Privatization and stock market development are known as two representatives of economic growth. Governments use these two economic means to achieve their development goals. In this study, the impact of share issue privatization on stock market development is studied and an optimal model of share issue privatization for Tehran stock exchange (TSE development is introduced. To study the effect of share issue privatization on key market development variables panel data of privatization index(IPIX, transaction volume, turnover velocity ratio and closing price of each TSE listed company are entered in co integration and error correction models (ECM during march 2008-June 2011. The result of statistical studies shows a significant relation between privatization index (IPIX growth and the growth of each of Tehran stock exchange development proxies. Then to design a compatible model of share issue privatization for Tehran stock market development, Delphi method following Schmitt approach during 4 phases is implemented.

  5. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

    DEFF Research Database (Denmark)

    Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.

    Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...... are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly...... to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news....

  6. Comparative Analysis of Stock Exchange Performance with Macroeconomic Indicators Between Indonesia and Malaysia

    OpenAIRE

    Pandowo, Merinda; Pangemanan, Sifrid S.; Nangka, Michelle Inri Fifalia

    2013-01-01

    Growth of economy on the country shows the growth of the country. It can be seen from several elements. Stock market is one of the elements that play the vital role of economic. Stock market has purpose to play the important thing of economic and industry growth of the country and also as a measurement that the sector industry growth well as the growth of economy with their performance. There are several macroeconomic indicators used to compare the stock exchange performance between two count...

  7. Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

    Directory of Open Access Journals (Sweden)

    Javed Bin Kamal

    2012-09-01

    Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

  8. Investigating the effect of tax costs on accounting conservatism: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Reza Asgari

    2014-01-01

    Full Text Available The purpose of this paper is to study the effect of the tax expenses on accounting conservatism on firms listed on Tehran Stock Exchange. In this study to measure the conservatism accruals is used to test the research hypotheses based on the information gathered from 61 firms listed on Tehran Stock Exchange over the period 2004-2009. Findings indicate that the relationship between conservatism accounting and corporate tax burden was positive and significant. In addition, firms with high book-tax conformity had higher motivation to use the conservative accounting to reduce their tax payments.

  9. WTC Tallinn kavandab olulist laienemist

    Index Scriptorium Estoniae

    2005-01-01

    World Trade Center Tallinn AS kompleksi arhitektuursest arengust ja laiendamisest. Laienemise ideede saamiseks korraldati 2004. a. arhitektuurikonkurss. Lühidalt OÜ Kavakava, OÜ Alver Trummal Arhitektid ja Arhitektuuribüroo Raivo Puusepp ideedest

  10. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  11. 26 CFR 1.1081-7 - Sale of stock or securities received upon exchange by members of system group.

    Science.gov (United States)

    2010-04-01

    ..., that section does not provide for the nonrecognition of gain or loss upon the sale of any stock or... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Sale of stock or securities received upon.... Orders § 1.1081-7 Sale of stock or securities received upon exchange by members of system group. (a...

  12. Artificial Neural Network Models for Forecasting Stock Price Index in Bombay Stock Exchange

    OpenAIRE

    Mohan Neeraj; Jha Pankaj; Laha, A. K.; Dutta, Goutam

    2005-01-01

    Artificial Neural Network (ANN) has been shown to be an efficient tool for non-parametric modeling of data in a variety of different contexts where the output is a non-linear function of the inputs. These include business forecasting, credit scoring, bond rating, business failure prediction, medicine, pattern recognition, and image processing. A large number of studies have been reported in the literature with reference to use of ANN in modeling stock prices in the western countries However, ...

  13. 77 FR 20079 - Securities Exchange Act of 1934; In the Matter of the NASDAQ Stock Market LLC; Order Granting...

    Science.gov (United States)

    2012-04-03

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Securities Exchange Act of 1934; In the Matter of the NASDAQ Stock Market LLC; Order Granting...\\ it is ordered that the petition of The NASDAQ Stock Market LLC for review of the order disapproving...

  14. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  15. A Study of the Effect of Inflation and Exchange Rate on Stock Market Returns in Ghana

    Directory of Open Access Journals (Sweden)

    Charles Kwofie

    2018-01-01

    Full Text Available The study examined the effect of exchange rate and inflation on stock market returns in Ghana using monthly inflation and exchange rate data obtained from the Bank of Ghana and monthly market returns computed from the GSE all-share index from January 2000 to December 2013. The autoregressive distributed lag (ARDL cointegration technique and the error correction parametization of the ARDL model were used for examining this effect. The ARDL and its corresponding error correction model were used in establishing the long- and short-run relationship between the Ghana Stock Exchange (GSE market returns, inflation, and exchange rate. The result of the study showed that there exists a significant long-run relationship between GSE market returns and inflation. However, no significant short-run relationship between them existed. The result also showed a significant long- and short-run relationship between GSE market returns and exchange rate. The variables were tested for long memory and it was observed that such property did exist in these variables, making it a desirable feature of which investors can take advantage of. This is due to the establishment of long-run effect of inflation and exchange rate on stock market returns.

  16. An Evaluation of CAPM’s validity in the Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Camelia Colescu

    2015-03-01

    Full Text Available The present study tries to test the validity of the capital asset pricing model (CAPM in the Bucharest Stock Exchange Market from Romania. The tested period for this study covers 3 years from 2011 to 2013. The sample is composed by 20 companies listed at the Bucharest Stock Exchange. The relationship between risk and expected return is being examined. It was found that the security market line’s slope is downwards sloping and negative and so it was concluded that CAPM does not hold. As a general conclusion there is a weak practical implication of the Capital Asset Pricing Model in Romanian stock market. Thus, other important variables should be considered to find an effective and appropriate pricing mechanism.

  17. Market structure, liquidity, and information based trading at the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Němeček, L.; Hanousek, Jan

    2002-01-01

    Roč. 3, č. 3 (2002), s. 293-305 ISSN 1566-0141 R&D Projects: GA AV ČR KSK9058117 Institutional research plan: CEZ:AV0Z7085904 Keywords : market microstructure * liquidity * Prague Stock Exchange Subject RIV: AH - Economics

  18. 77 FR 64571 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-22

    ... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... and To Add a Definition of a Primary Peg Order October 16, 2012. Pursuant to Section 19(b)(1) of the... 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule...

  19. 76 FR 74103 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-11-30

    ... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Exclude All Rights and Warrants From the Definition of ``Circuit Breaker Securities'' and... 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule...

  20. 78 FR 3058 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-15

    ... Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule... Mode provides ECNs with advertising through attributed quotations which facilitates an increasing rate... comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for...

  1. Stock Exchange Mergers - The new Driver in the Harmonisation of Securities Market Regulation?

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2009-01-01

      The creation of a single European financial market has been pursued vigorously through a number of harmonisation initiatives by European lawmakers and by some of the cross-border alliances between European stock exchanges. The very ambitious plans for harmonisation in the OMX and the Euronext...

  2. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    Science.gov (United States)

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

  3. Investigating the effects of global financial crisis on stock price and operating profit: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyedeh Shideh Dianat Jahromi

    2013-09-01

    Full Text Available In some decades, capitalism countries have suffered from financial crises and the financial crises have created economic recession started from the country of origin and distributed to other counties. The purpose of this paper is to study the global financial crisis effects on the stock price as well as operating profit of some listed companies in Tehran Stock Exchange(TSE. This research shows the difference between operating profit and the price of the products of the firms before and after the global financial crisis. The aim of this research is to study the effects of the global financial crisis on 133 TSE firms over the period 2004-2011 by considering two periods: Before/after crisis, i.e. 2004-2008 and 2008-2011. The results of testing different hypotheses show that there was a significant difference between the operating profit and the stock price of the firms before and after the global financial crisis on the different industries of the Iranian companies.

  4. Comparison in Measuring Effectiveness of Momentum and Contrarian Trading Strategy in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rizky Luxianto

    2014-08-01

    Full Text Available This  paper  wants  to  explore  the  effectiveness  of  momentum  or  contrarian  strategy  in Indonesian  Stock  Exchange  using  different  methods  in  measuring  the  performance.  The point of momentum or contrarian strategy is selecting winner (stocks with highest gain or loser stocks (stocks with highest loss and then buy or sell it based on the research result. This research employed three methods in measuring performance to select winner and loser stocks.  The  irst  method  used  cross  section  relative  return,  while  the  second  method  used cross section relative return plus risk component (return divided by standard deviation, and the  third  method  employed  historical  relative  return  instead  of  cross  section.  The  result  is that,  all  of  those  three  methods  prove  that  momentum  strategy  is  effectively applicable  for winner stock, so in the next period winner stock will continue to make profit, while for loser stock, it is more effective to use contrarian strategy because in the next period, loser stock will rebound and make proit after suffering from high loss. ";} // -->activate javascript

  5. An analysis of determinants of going concern audit opinion: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Mashadi Gharaghayah

    2013-07-01

    Full Text Available This paper presents an empirical investigation to find out important factors influencing exchange authorities for keeping firms on Tehran Stock Exchange. The proposed study uses logistic regression technique to study the effects of five factors including liquidity, solvability, profitability, cash flow and size of auditing firm. The results of the study show that only solvability is the most important factor according to auditing officials for extending listed firms on this exchange while the effects of other factors, liquidity, capability of meeting commitments, profitability, cash flow and size of auditing firm, are not statistically significance.

  6. Do (successful stock exchanges support or hinder institutions in transition economies?

    Directory of Open Access Journals (Sweden)

    Christopher A. Hartwell

    2014-12-01

    Full Text Available A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of law. But how do these two aspects of the institutional environment interact? That is, does the performance of a stock exchange support the development of property rights, or can it actually hinder it? Examining monthly data for 21 transition economies over a shifting monthly window from 1989 to 2012, and using a fixed-effects specification with Driscoll–Kraay standard errors, I find support for the existence of an inverted U-shaped relationship between property rights and stock market performance. While a well-functioning stock market may help reinforce property rights through demonstration effects, a stock market that has become “too successful” may entrench interests and lead to property rights-eroding policies.

  7. The Validity of Cost Stickiness in Turkey: A Panel Data Analysis in Istanbul Stock Exchange (ISE)

    OpenAIRE

    Celik, Muhsin; Kok, Dundar

    2013-01-01

    The goal of this study is to test the cost stickiness for some firms in Istanbul Stock Exchange (ISE) by panel data analysis. The study is based on 2023 observations of 119 firms whose stocks were in process uninterruptedly in the period of 1995-2011 in ISE. As a result of the study, it is proven that proportional increase in sales resulted in proportional increase in costs to some extent, but proportional decrease in sales resulted in less proportional decrease in costs when compared to the ...

  8. The effect of monetary policy of Central Bank on activities of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Vazifehdust

    2013-08-01

    Full Text Available This paper examines the relationship between monetary policy and activity of the Tehran Stock Exchange. The statistical population of the research consists of all companies listed in Tehran Stock Exchange and central bank monetary policy variables including time series generated by the central bank seasonally. For the purpose of data analysis, econometric autoregressive system models, and two-stage ADF regression with unit roots test, co-integration and reliability were used to determine level of effect and type of effect of the four components of monetary policy on exchange activity. The results of this study show that there is a strong relation between share price index and monetary policy variables and between monetary policy variables and trading volume. However, the relation between monetary policy variables and cash yield index was not so strong, but monetary policy variables’ effect on stock exchange activity was acceptable considering strong relation between the two first variables. It is suggested that if this work is done using non-linear models, it will yield better results.

  9. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  10. Overreaction and representativeness heuristic in initial public offering: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maryam Khalili Araghi

    2014-02-01

    Full Text Available The subject of initial public offering (IPO and the unusual short-time return of compared with another stocks, allocated many studies and researches in world level and in stock market to itself. The studied researches pointed to the short-time return of IPOs, which are higher than market and its long term return in return. One of the main hypothesis of behavioral finance is overreaction that is the main factor of overreaction in investor behavior is representativeness heuristic. This paper investigates overreaction behavior on shares of IPOs in Tehran stock exchange by considering 2 strategies of buy and hold and cumulative average return. The study investigates the effects of different factors such as price, market value, prior return and trading volume on overreaction. The results show negative effects of price and transaction volume on overreaction. In another words, price and volume of transactions are lower (higher and higher return (lower and therefore increased overreaction.

  11. Dividend policy as a signaling mechanism under different market conditions: Evidence from the Casablanca Stock Exchange

    DEFF Research Database (Denmark)

    Farooq, Omar; Saoud, Siham; Agnaou, Samir

    2012-01-01

    Does the signaling value of dividend policy depend on market conditions? Do investors respond to dividend policy differently in different periods? This study answers these questions by using a sample of firms from the Casablanca Stock Exchange during the period between 2003 and 2007. We find...... growth period. One of the reasons for our results may be that investors pay lesser attention to the signaling value of dividends during the periods when they are earning higher returns on their investments....... a significantly negative relationship between dividend payout ratio and stock price volatility during the stable growth period. We also show a significantly positive relationship between dividend payout ratio and stock returns during the same period. However, this relationship turns insignificant during the high...

  12. 75 FR 36759 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-06-28

    ... Multi-Stock Events involving twenty or more securities, the Exchange may use a Reference Price other... to the one or more specific points in time selected as the Reference Price. The Exchange will nullify... Reference Price in each affected security during the review period selected by the Exchange and other...

  13. 76 FR 69788 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Rule Change...

    Science.gov (United States)

    2011-11-09

    ... Proposed Rule Change The Exchange proposes a one-year pilot program that would add new Rule 107C to.... Purpose The Exchange is proposing a one-year pilot program that would add new NYSE Rule 107C to establish...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Rule Change Proposing a One-Year...

  14. 78 FR 51758 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; NYSE Arca, Inc.; Order...

    Science.gov (United States)

    2013-08-21

    ..., Portugal and the United Kingdom). ICE's common stock is listed on the Exchange under the symbol ``ICE... trading on the Exchange under the same symbol. \\12\\ ICE Group is currently a wholly-owned subsidiary of... Independence Policy'' in recognition of the form of organization of the Exchange. Substantially the same...

  15. 75 FR 36746 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-06-28

    ... provides flexibility to the Exchange to use different Numerical Guidelines or Reference Prices in various... Multi-Stock Events involving twenty or more securities, the Exchange may use a Reference Price other... prior to the one or more specific points in time selected as the Reference Price. The Exchange will...

  16. 75 FR 36743 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-06-28

    ... or Reference Prices in various ``Unusual Circumstances.'' The Exchange proposes to replace this... reviews of Multi-Stock Events involving twenty or more securities, the Exchange may use a Reference Price... to the one or more specific points in time selected as the Reference Price. The Exchange will nullify...

  17. Innate and discretionary accruals quality and corporate governance: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Panahian

    2012-09-01

    Full Text Available In this paper, we present an empirical study to find the relationship between discretionary accruals quality as well as innate accruals quality and portion of non-executive board of directors, concentration of ownership ratio and board size in Tehran Stock Exchange. The survey selects 118 qualified stocks from this exchange and using a random technique chooses 42 firms. The study implements two linear regression techniques to estimate the first part of the information and then using structural equation modeling examines six hypotheses. Based on the results of this survey we can conclude that an increase on non-executive members positively influences on discretionary accruals quality and negatively influences innate accruals quality. Concentration of ownership ratio positively influences on discretionary accruals quality and negatively impacts on innate accruals quality. Finally, size of board of directors negatively impacts discretionary accruals quality and positively influences on innate accruals quality.

  18. The impact of technological improvements on developing financial markets: The case of the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehmet F. Dicle

    2013-07-01

    Full Text Available Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.

  19. Earnings quality measures and excess returns: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Hemmati

    2013-04-01

    Full Text Available This paper presents an empirical investigation to study the relationship between earning quality measure and excess returns on selected firms trading on Tehran Stock Exchange. The purpose of this study is to find the relative advantage of income figures reported in formal financial statements. The study uses hedge return, six accounting ratios and three market ratios and performs the study over the period of 2001-2011 using 56 firms whose shares were traded on Tehran Stock Exchange. The proposed study uses regression analysis as well as structural equation modeling. The results of this study indicate that market based figures are more influencing than accounting based ratios on hedge return. In other words, hedge return for persistency index was more predictable than smoothness and abnormal accruals. However, on the contrary to what we expected, hedge return for accruals was not more than other accounting based figures.

  20. Evaluating Efficiency of Tehran Stock Exchange: Case Study for Top Fifty Most Active Companies (TSE-50

    Directory of Open Access Journals (Sweden)

    Reza TALEBLOO

    2014-12-01

    Full Text Available Economics of information has been developing increasingly in economics literature in recent decades. Accordingly, the information plays a crucial role in efficiency of any market particularly capital market which deals more with this issue. As for the importance of information in stock exchange efficiency, the market efficiency is studied under three data sets in three forms including: 1- Information concerning the past prices, 2- All the released information and, 3- General Information and Confidential private information. Given these three types of information, market efficiency is checked in three weak, semi-strong and strong levels, respectively. This paper in order to examine the efficiency in the weak level employs a decomposed pattern with two stochastic and random terms for Top Fifty most active companies (TSE-50 in Tehran stock exchange based on both long and short horizons. The findings demonstrate that the indicator does not have efficiency in long horizon. This is while; the efficiency is verified in short horizon.

  1. Capital Market Research in Accounting: Evidence from The Tehran Stock Exchange

    OpenAIRE

    Mohammad Namazi; Amin Nazemi; Mohamat Sabri Hassan

    2009-01-01

    The major purpose of this study is to classify and analyse capital market research conducted in the Tehran Stock Exchange Market (TSEM). Similar to Namazi and Nazemi’s (2005) review of Finance Studies on the TSEM in 1991–2003, we review, classify and analyse the significant Accounting Studies related to the TSEM. Consequently, by both employing content analysis and archival methodology and considering academic accounting courses and programs established by the Ministry of Science, Researc...

  2. Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013

    Directory of Open Access Journals (Sweden)

    Jabłoński Bartłomiej

    2016-12-01

    Full Text Available The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

  3. CORPORATE DIVIDEND POLICY AND SHARE PRICE VOLATILITY:A STUDY OF THE BOMBAY STOCK EXCHANGE

    OpenAIRE

    Vijayakumar, Arvind

    2012-01-01

    Purpose: The research paper aims to identify the empirical relationship between Corporate Dividend policy in India and share price volatility. Design/Methodology/Approach: A sample of 197 dividend paying companies listed on the Bombay stock exchange (BSE 500) was examined from 2006 to 2010.A panel data approach was applied to identify the relationship between price volatility against dividend yield and dividend payout ratio. Findings: The findings observe a significant relationship be...

  4. THREE-POINT VOLATILITY SMILE CLASSIFICATION: EVIDENCE FROM THE WARSOW STOCK EXCHANGE DURING VOLATILE SUMMER 2011

    OpenAIRE

    García-Machado, Juan J.; Rybczyński, Jarosław

    2015-01-01

    This paper studies the behavior of the smile in the Warsaw Stock Exchange (WSE) during the volatile summer of 2011.We investigate the volatility smile derived from liquid call and put options on the Polish WIG20 index which option series expired on September 2011. In this period, the polish index has dropped about 20% in two weeks time. By linear interpolation, implied volatilities for moneyness points needed were calculated, then we construct 355 smile curves for calls and puts options to st...

  5. The adoption of integrated reporting principles by the Romanian companies listed at the Bucharest Stock Exchange

    OpenAIRE

    Ioana SOFIAN

    2016-01-01

    This paper aims to identify a company with Romanian capital that has potential to implement the integrated reporting principles, with real benefits in attracting investors and/or building an international reputation. To achieve this goal, we performed a study on companies listed at the Bucharest Stock Exchange that operate in different sectors. We analysed the investment opportunity, the reports published currently by the companies and their compliance with the International Integrated Report...

  6. The King Reports, Independent Non-Executive Directors and Firm Valuation on the Johannesburg Stock Exchange

    OpenAIRE

    Ntim, Collins G.

    2011-01-01

    South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock Exchange (JSE) in SA from 2002 to 2007. Our results suggest a statistically significant and positive relationship between the presence of INEDs and firm valuation. By contrast, we find no statistically signif...

  7. The cost of equity and exchange listing evidence from the French stock market

    OpenAIRE

    Dubois, Michel; Ertur, Cem

    1997-01-01

    We reconsider the behaviour of prices around the period close to the listing on the Marché à Règlement Mensuel (RM). First, an event study based on a sample of 60 firms has been set up to test the existence of the exchange listing effect on the French market. Then we discuss and test the financial reasons which can justify abnormal returns around the announcement day and the day of the listing. We explore four reasons to explain the impact of the stock exchange listings: one is the informativ...

  8. WTC Tallinn kavandab olulist laienemist

    Index Scriptorium Estoniae

    2005-01-01

    Kunagise Punase RET-i tööstuskvartali arhitektuurseks laiendamiseks korraldas WTC Tallinn AS arhitektuurikonkursi. Ülevaade OÜ Kavakava, arhitektuuribüroo Raivo Puusepp ja OÜ Alver Trummal Arhitektid ideedest ja kavanditest uue kompleksi kasutamisvõimalusteks

  9. 78 FR 40816 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-07-08

    ... connection with an initial public offering (``IPO''), as new registrants or by means of a carve-out or spin... with: (i) Its IPO \\4\\ or whose common stock has not previously been registered under the Exchange Act... conjunction with an IPO if, immediately prior to listing, it does not have a class of common stock registered...

  10. 77 FR 63914 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-10-17

    ... stock. The Exchange notes that these categories of issuers typically: (i) Are externally managed and do... before hiring Compensation Advisers, and have the authority to supervise, retain and compensate these...

  11. An application of multiple attribute group decision making in ranking investors’ concerns: A case study of Tehran Stock Exchange

    OpenAIRE

    Amir Mohammadzadeh; Naser Hamidi; Sadegh Abedi; Fehimeh Jabari

    2013-01-01

    During the past few years, stock exchange investors confront numerous problems in terms of legal, environmental issues, etc. In this paper, we present an empirical study to detect important issues as barriers for investment in Tehran Stock Exchange. The study has categorized the issues into two groups of real world and legal issues. Since there are different issues involved as major barriers, the study uses analytical hierarchy process to rank them. The study extracts 18 important factors, wh...

  12. The New York Stock Exchange: A Conservative or Innovative Market? Le New York Stock Exchange : bourse conservatrice ou innovante ?

    Directory of Open Access Journals (Sweden)

    Michel Van der Yeught

    2009-10-01

    Full Text Available Cet article analyse les relations du New York Stock Exchange (NYSE et de l’innovation. Le NYSE se présente comme une bourse très innovante mais son histoire montre qu’il a une relation ambivalente avec l’innovation. Le NYSE a beaucoup investi en technologie pour s’imposer comme la première bourse de valeurs des États-Unis mais il s’est opposé à la plupart des réformes fonctionnelles de son modèle de marché, quand celles-ci menaçaient les intérêts de ses membres. La crise qu’il traverse actuellement semble avoir essentiellement pour origine son ambivalence envers l’innovation.

  13. The Impact of Pre-closing Implementation to Price Efficiency in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Gilang Praditiyo

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Indonesia Stock Exchange has really concerned about improving stock market quality these days. One of the effort is pre-closing trading session implementation. It refers to Decision of the Board of Directors of The Indonesia Stock Exchange Number Kep-00399/BEI/11-2012, regarding Amendment to Rule Number II-A concerning Equity-Type Securities Trading. The rule is effective on 2nd Januar, 2013 and Indonesia Stock Exchange has implemented it since that date. The purposes of pre-closing implementation are to mitigate marking the close, which is the practice of buying security at the very end of the trading day at a significantly higher price than the current price of the security, and to improve market quality. This paper attempts to veryfy whether the impact of pre-closing implementation to price efficiency is positive or not. The result shows that the pre-closing implementation has the positive impact to price efficiency. It reduces the return volatility and market manipulation at  the closing time which also means that the pre-closing implementation has effectively improved market quality in Indonesia Stock Exchange. Keywords:Pre-closing, price manipulation, marking the close, volatility, price efficiency.

  14. Investment Strategy on the Zagreb Stock Exchange Based on Dynamic DEA

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-04-01

    Full Text Available Nowadays, there is a growing interest in the application of quantitative methods in portfolio management, as the results of their application can be used as guidelines for managing a successful investment portfolio, i.e., a portfolio that outperforms the market. This paper deals with the Data Envelopment Analysis (DEA approach and a Dynamic Slacks-Based Measure as a method of forming a portfolio which would predominantly outperform the market. In order to test the strategy, data on stocks listed on the Zagreb Stock Exchange were gathered for the period April 2009 – June 2012. Using the quarterly returns, standard deviations and coefficients of skewness as links, a dynamic slacks-based measure approach was applied to evaluate the relative efficiency of stocks in each quarter. The findings indicate that a portfolio based on the results of the optimization beats the market in terms of both returns and risk. This is the first implementation of the dynamic DEA model in stock trading. The results suggest that it is superior to basic DEA models.

  15. THE IMPACT OF INFLATION RATES AND US DOLLAR EXCHANGE RATES ON INDONESIAN STOCK MARKET INDEX RETURN VOLATILITY

    Directory of Open Access Journals (Sweden)

    Riko Hendrawan

    2017-03-01

    Full Text Available This paper studied the impact of inflation rates and US Dollar exchange rates in Indonesian stock marketreturn volatility in the period of 2002-2012. Daily data of stock market return, inflation rates and US Dollarexchange rates were used to estimate the daily volatility of the stock return. The data of stock market price,inflation rates and US Dollar exchange rates were taken from Yahoo Finance, Indonesia statistics bureau andcentral bank of Indonesia, respectively. The result showed that both inflation rates and US Dollar exchangerates did not have a significant impact on the Indonesian stock market return volatility. Inflation rates contributed0.03% change in daily stock market return volatility whereas a 1% appreciation of Rupiah contributedto a 0.0000001% change in daily stock market return volatility. This research finding was different from theresult in Nigeria where Yaya’s & Shittu’s (2010 research had the same variables. Inflation rates and USDollar exchange rates were to examine the impact on Nigeria stock market index return volatility.

  16. Return on securities of the listed banks, using BET and BET-C indices of the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Victoria FIRESCU

    2017-11-01

    Full Text Available The present work has great importance for the economic and financial area due to the fact that targets the relevance of the financial indicators in anticipation of the stock variation. The aim is to measure the correlation, the type and intensity, between the variation of stock market profitability and the profitability of the securities traded by banks in Romania, listed on the BSE. The research is approached transversely (banks in Romania listed on the stock market as well as longitudinally (from the date of listing on the Stock Exchange of each bank until 31.12.2016. Using the econometric model Eviews we tested the correlation between the profitability of BRD, BT, BCC bank`s securities and the profitability of Bucharest Stock Exchange, by BET and BET-C. The results show that the research hypothesis isn’t validated for any of those banks.

  17. STUDY ON ENERGY EXCHANGE PROCESSES IN NORMAL OPERATION OF METRO ROLLING STOCK WITH REGENERATIVE BRAKING SYSTEMS

    Directory of Open Access Journals (Sweden)

    A. O. Sulym

    2017-10-01

    Full Text Available Purpose. The analysis of the existing studies showed that the increasing of energy efficiency of metro rolling stock becomes especially important and requires timely solutions. It is known that the implementation of regenerative braking systems on rolling stock will allow significantly solving this problem. It was proved that one of the key issues regarding the introduction of the above-mentioned systems is research on efficient use of electric energy of regenerative braking. The purpose of the work is to evaluate the amount of excessive electric power of regenerative braking under normal operation conditions of the rolling stock with regenerative braking systems for the analysis of the energy saving reserves. Methodology. Quantifiable values of electrical energy consumed for traction, returned to the contact line and dissipated in braking resistors (excessive energy are determined using results of experimental studies of energy exchange processes under normal operating conditions of metro rolling stock with regenerative systems. Statistical methods of data processing were applied as well. Findings. Results of the studies analysis of metro rolling stock operation under specified conditions in Sviatoshinsko-Brovarskaia line of KP «Kyiv Metro system» stipulate the following: 1 introduction of regenerative braking systems into the rolling stock allows to return about 17.9-23.2% of electrical energy consumed for traction to the contact line; 2 there are reserves for improving of energy efficiency of rolling stock with regenerative systems at the level of 20.2–29.9 % of electrical energy consumed for traction. Originality. For the first time, it is proved that the most significant factor that influences the quantifiable values of the electrical energy regeneration is a track profile. It is suggested to use coefficients which indicate the amount and reserves of unused (excessive electrical energy for quantitative evaluation. Studies on

  18. The role of discretionary accruals in earnings management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehdi Maranjory

    2013-09-01

    Full Text Available Earnings management via discretionary accruals is a manager's instrument for changing stock holders’ expectations. The purpose of this study is to investigate the role of discretionary accruals in the earnings management of Iranian firms. There are two hypotheses associated with this study on the relationship between income smoothness and discretionary accruals and the proposed study is implemented on selected firms from Tehran Stock Exchange. The result of the first hypothesis indicates the relationship between earnings smoothness and discretionary accruals variables. It means that discretionary accruals (DA leads to the converse relationship among discretionary accruals variation and current and future cash flow. The result of the second hypothesis indicates that the firms with high variation in Iran utilize more discretionary accruals compared with the firms with lower variation.

  19. Commentary on Vorobjov et al., "Comparison of injection drug users who obtain syringes from pharmacies and syringe exchange programs in Tallinn, Estonia"

    Directory of Open Access Journals (Sweden)

    Werb Daniel

    2009-01-01

    Full Text Available Abstract Recent data suggest that globally, between 5% and 10% of all new HIV cases are the result of unsafe injecting practices, and experts agree that reducing these practices is key to tackling the spread of HIV. And yet, despite the overwhelming evidence that providing sterile syringes to injection drug users (IDU through syringe exchange programs (SEPs or other means is an effective way of reducing HIV transmission among high-risk subpopulations, IDU in most settings still do not have access to sterile injecting equipment or if they do, access remains too restricted to effectively reduce the risk of HIV transmission. Vorobjov and colleagues have presented in this journal an interesting and timely study from Estonia comparing individuals who obtain syringes from SEPs and those who obtain syringes from pharmacies. As the authors point out, Estonia faces an unacceptably high HIV incidence rate of 50 new HIV cases per 100,000, this rate driven primarily by injection drug use. As such, the authors argue that Estonia's SEP network does not have the capacity to serve a growing IDU population at risk of transmitting HIV and pharmacy dispensation of clean syringes may be one potential approach to decreasing syringe sharing among high-risk injectors. It may be overly optimistic to consider the impact of higher threshold interventions such as pharmacy-based SEPs, given that IDU populations that engage in HIV risk behaviours such as syringe sharing are often hidden or hard to reach. Despite the need for a cautious approach, however, the findings presented by Vorobjov et al. may chart one potential course towards a more comprehensive societal response to reducing the health harms associated with injection drug use.

  20. STOCK PERFORMANCE ANALYSIS OF LISTED ENTITIES AT THE BUCHAREST STOCK EXCHANGE. CASE STUDY ON THE ENERGY AND RELATED UTILITIES SECTOR COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Anghel

    2016-12-01

    Full Text Available Financial performance, as a multi-criteria economic category, constitutes a current topic broadly investigated by authors and experts in finance, financial management, accounting, evaluation and general management. In this ever more competitive capital market, because investors are increasingly better informed, it becomes essential for a company to know and periodically evaluate its stock performance in order to compare it at economic branch level. This present research study analyses six companies that activate in the energy and related utilities sector, listed at the Bucharest Stock Exchange, between 2004 and 2015, with the aim of identifying branch similarities regarding the evolution of the key stock growth ratios and indicators used in stock performance analysis. Furthermore, the authors deemed appropriate to correlate their results with the evolution of the main rates of return of the same companies

  1. The Effect of Financial Leverage, Employee Stock Ownership Program and Firm Size on Firm Performance of Companies Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Nurainun Bangun

    2017-07-01

    Full Text Available The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER, Firm Size and Employee Stock Ownership Program (ESOP. Dependent variables in this research are Return on Assets (ROA and Return On Equity (ROE. The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP did not Affect to ROA and ROE.

  2. 77 FR 12626 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-03-01

    ... member organization. The Exchange believes that the current definition, which includes certain foreign... organization falls outside of the definition of ``securities person.'' By changing the definition of approved...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending the...

  3. 78 FR 62915 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-22

    ... member organization, and by virtue of its control, fall within the Exchange's definition of approved...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 2 To Specify That the Definition of an Approved Person Does Not Include...

  4. Local Scaling Properties and Market Turning Points at Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav

    2010-01-01

    Roč. 41, č. 6 (2010), s. 1001-1014 ISSN 0587-4254 R&D Projects: GA ČR GA402/09/0965; GA ČR GD402/09/H045 Grant - others:GA UK(CZ) 118310 Institutional research plan: CEZ:AV0Z10750506 Keywords : scaling * Hurst exponent * extreme events Subject RIV: AH - Economics Impact factor: 0.671, year: 2010 http://library.utia.cas.cz/separaty/2010/E/kristoufek-local scaling properties and market turning points at prague stock exchange.pdf

  5. Short run underpricing of initial public offerings (IPOs in the Johannesburg Stock Exchange (JSE

    Directory of Open Access Journals (Sweden)

    Gillian van Heerden

    2012-07-01

    Full Text Available The underpricing of initial public offerings (IPOs represents one of the anomalies observed in primary markets worldwide, however, the depth and breadth of it varies from country to country, and sector to sector. This study is an empirical analysis of short run performance of IPOs in the Johannesburg Stock Exchange (JSE. Using data for 138 South African IPOs that were listed on the JSE from 2006 to 2010, we found significant short run underpricing. A sector wise analysis of three broad sectors indicated that the financial sector had the largest IPO underpricing, particularly evident in 2007. The year-wise analysis is also documented.

  6. An analytical method of estimating Value-at-Risk on the Belgrade Stock Exchange

    Directory of Open Access Journals (Sweden)

    Obadović Milica D.

    2009-01-01

    Full Text Available This paper presents market risk evaluation for a portfolio consisting of shares that are continuously traded on the Belgrade Stock Exchange, by applying the Value-at-Risk model - the analytical method. It describes the manner of analytical method application and compares the results obtained by implementing this method at different confidence levels. Method verification was carried out on the basis of the failure rate that demonstrated the confidence level for which this method was acceptable in view of the given conditions.

  7. Performance measurement of investment companies with loss aversion in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Shahabeddin Shams

    2015-07-01

    Full Text Available This study measures the portfolio performance of listed investment companies in Tehran Stock Exchange (TSE based on prospect theory. The criterion is measured by the ratio of gain to loss, to reflect risk-aversion in gains and risk-seeking in losses. The sample consists of 15 listed investment companies registered in TSE during 2003-2013. Research variables consist of portfolio return, market return, risk-free return, systematic risk, Treynor and Loss Aversion index. Hypotheses have been tested with Spearman correlation coefficient. The results show that Loss Aversion can be used as a new index for measuring portfolio performance.

  8. The month-of-the-year effect on Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iulian Panait

    2013-03-01

    Full Text Available This study investigates the presence of month-of-the-year effect on Bucharest Stock Exchange using a both a linear regression and a GARCH-M model with dummy variables for both the mean and the variance equation. We have collected monthly returns for five Romanian official exchange indices and for one MSCI Barra country index during May 2007-March 2013, thereby including both the 2007-2009 financial crisis and the recovery that followed during 2009-2013. Our results show that none of the coefficients of the two models are statistically significant, which lead us to conclude that we can not confirm the presence of the January effect or of any other month-of-the-year effect on the Romanian capital market.

  9. FACTORS AFFECTING TOBIN'S Q COAL MINING COMPANY REGISTERED IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    E. Batara Manurung

    2016-05-01

    Full Text Available The purpose of this study is to examine the effect of capital structure (debt to asset ratio and debt to equity ratio, economic value added, and coal reserves towards Tobin’s Q, as a proxy of firms’ value, of coal companies listed on the Indonesia Stock Exchange (IDX. This study also aims to examine the contribution of Tobin’s Q towards sectoral stock index price of coal production companies. From a total population of 23 companies, this study took a sample of 16 coal production companies using purposive sampling method. The data used is collected from the companies audited financial statements and annual reports in IDX’s website from 2009 to 2014. The results of multiple linear regression analysis show that there is significant impact of economic value added, coal reserves and profitability dummy towards Tobin’s Q. Furthermore, the results of linear regression analysis show that there is significant impact of Tobin’s Q towards sectoral stock index price of coal production companies. Based on the results of this study, the financial decision makers in coal production companies are advised to use economic value added, availability of coal reserves and profitability in improving firm value reflected in its share price.Keywords: capital structure, coal reserves, economic value added, Tobin’s Q

  10. The Volatility of Oil Prices on Stock Exchanges in the Context of Recent Events

    Directory of Open Access Journals (Sweden)

    Popescu Maria-Floriana

    2016-04-01

    Full Text Available Oil along with currencies and gold are the main indicators of the most important processes which take place in the world economy, quotations’ volatility being always followed by economic and social events. Quiet periods of oil prices, when quotations have a constant evolution or only suffer minor fluctuations, are very rare. Most of the time, very sharp price increases or decreases are happening over night or week. This is mostly due to the fact that the oil market is extremely speculative, being influenced by political, military, social, or meteorological events. Since the major oil price shocks of the 70s, the impact of oil price changes on the economic reality of a country or region has been widely studied by academic researchers. Moreover, the stock market plays an important role in the economic welfare and development of a country. Therefore, a vast number of studies have investigated the relationship between oil prices and stock market returns, being discovered significant effects of oil price shocks on the macroeconomic activity for both developed and emerging countries. The purpose of this study is to investigate the volatility of oil prices on stock exchanges taking into consideration the recent events that have affected the oil markets around the globe. Furthermore, based on the findings of this research, some possible scenarios will be developed, taking into account various events that might take place and their potential outcome for oil prices’ future.

  11. Municipal and Treasury Bond Market Segments Development at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cornelia POP

    2012-02-01

    Full Text Available The current paper reviews the developments that took place, starting with November 2001, inside the Romanian Municipal and Treasury bond market segments at the Bucharest Stock Exchange. The development of a debt market has as a main objective to encourage the central, regional and local governments to consider bond finance as an important way for regional and local project investments; it could enhance the quality and the efficiency of financed projects and encourage long term financial planning. The relatively modest profile of the Romanian public bond sector at Bucharest Stock Exchange can be explained by the late introduction of the T-bonds (7 years after the bond sector was launched. Lacking the benchmark the T-bonds could offer, it was only natural for investors to avoid the (Municipal bond sector. The development of the domestic public bond sector is expected to continue in the years to come, mainly if through bond financing the central/regional and local authorities will support investment projects that will trigger and/or generate economic development.

  12. Analysis of Information Contens and Stock Liquidity on the Companies Which Spliting Their Stock: Examination to Signaling and Trading Range on Jakarta Stock Exchange (Study on the Comanies Splitting Their Stock on the Year 200-2003)

    OpenAIRE

    Darmawan, Akhmad

    2007-01-01

    This research was held to examine signaling hypothesis by comparing the growth of companies profit which splitting their stock and not splitting their stock, on the period before stock splits and comparing yearly profit increase over 4 year before stock splits on the companies which splitting their stock. This research also conucted to examine trading range hypothesis by comparing market stock price the companies which splitting their stock and not splitting their stock split was done, and co...

  13. Scoring on the stock exchange? The effect of football matches on stock market returns : an event study

    NARCIS (Netherlands)

    Scholtens, B.; Peenstra, W.

    2009-01-01

    We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for

  14. The role of earnings management and dividend announcement in explanation of information asymmetry: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2012-10-01

    Full Text Available This study examines the relationship between earnings management and information asymmetry based on some companies listed in Tehran Stock Exchange over the period of 2005-2010. The study only uses qualified samples by taking into account all limitations and necessary criteria. Based on the results of this survey, we can conclude that there is not a significant relationship between earning management and information asymmetry in Tehran Stock Exchange. There is also not a significant relationship between low or high earning management and information asymmetry. Estimated dividend announcement has information content and it can influence on information asymmetry. Finally, in Tehran Stock Exchange, there is information asymmetry and after dividend announcement, its value is more than before.

  15. An investigation on the effects of conservatism on reducing risk of stock market investment: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rezvan Hejazi

    2013-07-01

    Full Text Available Accounting conservatism limits managerial incentive and ability to overstate performance and hide bad news from investors, which, in turn, reduces stock price crash risk. This study examines relationship between conservatism on financial reports and risk of stock price crash. Using a sample of 54 listed firms in Tehran Stock Exchange over the period of 2006–2010 and panel logistic regression, we examine different hypotheses. The results indicate that accounting conservatism, as measured by Khan and Watts (2009 CSCORE [Khan, M., & Watts, R. L. (2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2, 132-150.], reduces the likelihood of a firm experiencing stock price crashes. The finding holds after controlling other variables such as: negative skewness of firm-specific-weekly return, standard deviation of firm-specific-weekly return, the mean of firm-specific-weekly return, detrend share turnover, size, market to book value of equity ratio, total debt ratio and return on asset ratio, but we did not observe any relationship between these variables during stock price crash.

  16. Higher-order co-moments in asset pricing on the stock exchange in Brazil

    Directory of Open Access Journals (Sweden)

    Paulo Vitor Jordão da Gama Silva

    2015-12-01

    Full Text Available This study seeks to identify the behavior of systemic asymmetry (coskewness and systemic kurtosis (cokurtosis in asset pricing on the Brazilian stock exchange (in BM&F Bovespa. The methodology explored by Harvey and Siddique (2000 was used to estimate the degree of coskewness and cokurtosis for stocks in each month t, following the CAPM regression. The three-factor model was used according to Fama and French (1993, with modifications to the calculation of the factors following the methodology exploited by Neves (2003. The results show that for the Brazilian market, assets with negative coskewness and cokurtosis tend to yield more than assets with positive coskewness and cokurtosis. According to observations in the American and London markets, as investors expect higher returns for the high risk, a preference was found for negative coskewness and positive cokurtosis. In Brazil, it was found that in the case of coskewness, it repeats itself, but not for cokurtosis, where the reverse is true, which can lead to the conclusion of a typically risk-averse behavior.

  17. PRICE REACTION TO CORPORATE GOVERNANCE RATING ANNOUNCEMENTS AT THE ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Aslıhan BOZCUK

    2010-01-01

    Full Text Available The purpose of this paper is to investigate the price reaction to corporate governance rating announcements at the Istanbul Stock Exchange and to identify the factors which could be driving the results. Using an event study analysis framework, the cumulative abnormal returns (AR are calculated for various event windows surrounding the announcement day for each firm. The average AR is 0.5% on announcement day, followed by all positive average cumulative ARs for the next 18 days following the announcement. In the multivariate regression analysis, a number of variables are used to proxy for factors suggested as relevant by the agency theory and the corporate governance literature; such as the size of the Audit Committee, the size of the Board of Directors, Corporate Governance Rating of each firm, number of non-executive members on the board, percentage of firm’s stock traded on the market, number of blockholders, family ownership, the price-earnings ratio, the market-to-book ratio and firm size. Audit committee size (P: 0.012 and board size (P: 0.043 together explained 32% of the variation in announcement day returns (F: 5.215, P: 0.018. Surprisingly, the corporate governance rating per se was not found to be significant. Overall, the price reaction on announcement day tends to be higher for firms with larger boards and smaller audit committees.

  18. TANGIBLE ASSETS REVALUATION POLICY AT ENTITIES LISTED ON THE BUCHAREST STOCK EXCHANGE - TIER II.

    Directory of Open Access Journals (Sweden)

    Csongor CSŐSZ

    2013-06-01

    Full Text Available Each year before the preparation of annual financial statements the entity’s assets need to be presented and evaluated. In order to these assets to be recorded in the financial statements at fair value, they need regular revaluation. Revaluations should be made with sufficient regularity so that the accounting value does not differ substantially from that which would be determined using fair value at balance sheet date. This way, the true and fair view of the financial statements is guaranteed. The study contains an analysis of the 52 listed entities on the Bucharest Stock Exchange (BSE tier II. on their revaluation policy, in relation with debt ratio of the entity, size of the entity, amount of tangible assets (tangible assets’ share in total assets and in relation with the seniority (age of tangible assets.

  19. An Analysis Regarding Cash Holdings. Empirical Study on the Bucharest Stock Exchange Listed Firms

    Directory of Open Access Journals (Sweden)

    Nenu Elena Alexandra

    2017-10-01

    Full Text Available Worldwide corporate cash holdings have significantly increased and have become an important tool for managers. This study explores the factors that influence firms’ behavior regarding cash holdings and the signal that financial conservatism is sending to potential investors. Our data consists in annual observations collected through the Reuters Eikon platform. It includes companies listed on the Bucharest Stock Exchange, the investigated period being 2005-2014. The econometric analysis employs multivariate regression for an unbalanced panel data, using the OLS technique. The results show a positive correlation of cash holdings with the value registered by this indicator in the previous period, fact that might be interpreted as an attempting of the companies to maintain a target level of cash. Also, the results showed a non-linear relationship between leverage and cash holdings, while the tangible assets determine a negative correlation. As regards firm size and ownership concentration, the correlations were not statistically validated.

  20. A study on relationship between earnings response coefficient and earnings management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Khaksarian

    2013-10-01

    Full Text Available This paper presents a study to find the relationship between earnings response coefficient and earnings management on some selected firms listed in Tehran Stock Exchange (TSE. The study uses Johns’s model to investigate the behavior of earnings management [Jones, J. J. (1991. Earnings management during import relief investigations. Journal of accounting research, 29(2, 193-228]. In addition, the proposed study uses Ohlson’s model [Ohlson, J. A. (1995. Earnings, book values, and dividends in equity valuation. Contemporary accounting research, 11(2, 661-687] to estimate earnings response coefficient. The study gathers the necessary information from 250 firms from TSE market over the period 2006-2012. The result of our survey indicates that there was a negative and meaningful relationship between earnings response coefficient and earnings management.

  1. Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Alen Džanić

    2012-03-01

    Full Text Available This study examines the relationship between ownership structure and firm performance using a sample of firms listed on the Zagreb Stock Exchange in period 2003-2009. The results obtained using a panel estimation with fixed effects show a significant negative relationship between the existence of a block holder owning more than 30% of the equity and the value of the firm’s Tobin’s Q. However, if there is a family-type second block holder, the effect disappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on labor efficiency confirming the quiet-life hypothesis from Bertrand and Mullainathan (2003. Finally, it is shown that foreign ownership is not significantly better than domestic.

  2. Board composition, board size and financial performance of Johannesburg stock exchange companies

    Directory of Open Access Journals (Sweden)

    Munyradadzi Raymond Muchemwa

    2016-11-01

    Full Text Available On the basis of agency theory and resource dependence theory, as well as other corporate governance literature, it is predicted that board composition measured as the ratio of non-executive to executive board members and the number of directors on a firm’s board can be positively related to firm performance. This study seeks to test the predictions of this body of theory and to investigate the form of the empirical relationships among these effects. In so doing, this study tests theory that relates these variables in the context of a developing country, using data from South Africa’s Johannesburg Stock Exchange, over a seven-year period, 2006–2012.

  3. A study on relationship between abnormal accruals and future profitability: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2013-11-01

    Full Text Available This paper presents an empirical investigation to study the relationship between future profitability and abnormal accruals on selected firms from Tehran Stock Exchange (TSE. The study selects 223 firms from TSE market over the period 2007-2011. Using the regression analysis, the study shows there was no meaningful relationship between abnormal earnings and future profitability when the level of significance is five percent. There are also seven sub-hypotheses associated with the proposed study of this paper. The results indicate that while there were no meaningful relationship between firm size, ratio of book value to equity, capital expenditure, earnings quality, earning forecasted error and book value leverage on one side and future earnings, the study confirms a significance relationship between market leverage and future earnings.

  4. Earnings quality and P/E ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-08-01

    Full Text Available This paper evaluates the impacts of earnings quality criteria on the ratio of price to earnings per share (P/E on 88 accepted companies in Tehran Stock Exchange (TSE over the period 2007- 2012. The results indicate that there was a positive and significant relationship between the P/E ratio and cash dividend. There is also a positive and significant relationship between P/E ratio as dependent variable and the gross profit ratio to sales. On the other hand, there is a significant reverse relationship between P/E ratio and the profit variability. However, no significant relationship exists between P/E as dependent variable and deferrals (accruals variable.

  5. THREE-POINT VOLATILITY SMILE CLASSIFICATION: EVIDENCE FROM THE WARSOW STOCK EXCHANGE DURING VOLATILE SUMMER 2011

    Directory of Open Access Journals (Sweden)

    García-Machado, Juan J.

    2015-01-01

    Full Text Available This paper studies the behavior of the smile in the Warsaw Stock Exchange (WSE during the volatile summer of 2011.We investigate the volatility smile derived from liquid call and put options on the Polish WIG20 index which option series expired on September 2011. In this period, the polish index has dropped about 20% in two weeks time. By linear interpolation, implied volatilities for moneyness points needed were calculated, then we construct 355 smile curves for calls and puts options to study and make some kind of smile-types classification. We propose seventeen types-smiles which represent all possible cases of three points (three moneynesses graphical patterns. This classification is made basing upon relationship higher/equal/lower values of implied volatility for each of three points. Furthermore, we distinguish the convexity of pattern. We can note that smiles, smirks and ups are convex in shape, while reversed ones and downs are concave functions.

  6. Determinants of dividend policy: Evidence from listed firms in the African stock exchanges

    Directory of Open Access Journals (Sweden)

    Nnadi Matthias

    2013-01-01

    Full Text Available The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.

  7. The effect of independent auditor's report on profit distribution policy: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Parviz Piri

    2014-07-01

    Full Text Available Profit distribution is one of the most debatable subjects in financial field. Opposite theoretical models that sometimes, do not have a strong empirical support look for the explanation of corporate dividend policy. In this paper, the relationship between profit sharing policy and auditor`s and managers’ expected profit is studied. The study gathers the necessary information of 99 firms listed on Tehran Stock Exchange over the period 2002-2011. The implementation of regression analysis shows that there was more explanatory power of auditors’ expected profit than managers’ expected profit in dividends. The results also show that there was no meaningful difference between auditors` expected profit and managers` expected profit.

  8. Life cycle theory and dividend payout policy: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2013-10-01

    Full Text Available This paper investigates the role and the effect of the life cycle theory on explanation of dividend payout policy in Tehran Stock exchange listed companies over the period 2006-2011. For measuring the firm’s life cycle, two criteria namely retained earnings to equity ratio and retained earnings to assets ratio have been used as proxies of firm’s life cycle. The findings of this research show that only retained earnings to assets ratio has a meaningful and positive effect on dividend payout policy; In the companies that are growing, retained earnings to assets ratio is low; Whereas this ratio is high in the more mature companies and these firms have abundant retained earnings, hence they are good candidates to pay dividends. However, there was no meaningful relationship between another life cycle criteria namely retained earnings to equity ratio and dividend payout policy.

  9. An investigation on important factors influencing on forecasted earnings adjustment: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Babakhani

    2014-01-01

    Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.

  10. The adoption of integrated reporting principles by the Romanian companies listed at the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ioana SOFIAN

    2016-12-01

    Full Text Available This paper aims to identify a company with Romanian capital that has potential to implement the integrated reporting principles, with real benefits in attracting investors and/or building an international reputation. To achieve this goal, we performed a study on companies listed at the Bucharest Stock Exchange that operate in different sectors. We analysed the investment opportunity, the reports published currently by the companies and their compliance with the International Integrated Reporting Framework in the view of preparing an integrated report. The case study revealed a high potential for the implementation of integrated reporting within Antibiotice Iași S.A. As compared to all the selected companies, this company’s reporting practices are currently the most similar to the integrated reporting. However, for the other companies, the option to publish an integrated report is viable under certain conditions, particularly in order to build a business card that is internationally recognized and universally comparable.

  11. Tourism Sector on the Zagreb Stock Exchange (ZSE: What is the Value of Croatian Tourism?

    Directory of Open Access Journals (Sweden)

    Penda Ivor Altaras

    2015-12-01

    Full Text Available In this paper the author investigates and analyzes the historical and current data on the shares of the tourism sector on the Zagreb Stock Exchange (ZSE, and on that basis he is trying to estimate the value of entire Croatian tourism. He also argues that the lack of transparency of the domestic capital market, and in particular its inefficiency, is directly reflected on the tourism sector as its significant component. Tourism represents about 15% of the total Croatian economy, with clear indications that it is one of the few segments in which Croatia has certain success, and has significant progress in this part of the national economy. Thereby tourism sector deserves special attention on the securities market, which has one of the fundamental tasks to find funds on the market for financing development projects.

  12. Risk-Return Trade-off in Emerging Markets:Evidence from Dhaka Stock Exchange Bangladesh

    Directory of Open Access Journals (Sweden)

    Abu T. Mollik

    2015-03-01

    Full Text Available This paper attempts to measure the risk and return relationship in Dhaka Stock Exchange (DSE. The study reports a statistically significant positive relationship between risk and return both at the individual security level and at the portfolio level, confirming the theoretical predictions and empirical findings on this issue in developed markets. Although portfolio risk and returns are found to be significantly positively related in general, some inconsistencies were revealed in the context of relative risk for high risk portfolios, suggesting the existence of some anomalies or mispricing in high risk assets. These findings have important implications for investment decisions at the DSE in that the investors may be able to create profitable investment strategies using the mispricing information.

  13. Corporate Governance, Intellectual Capital and Financial Performance of Banks listed in Pakistan Stock Exchange

    Directory of Open Access Journals (Sweden)

    Javed Iqbal

    2017-09-01

    Full Text Available This study aims to examine the impact of Corporate Governance (CG and Intellectual Capital (IC on financial performance in banks listed in Pakistan stock exchange. Due to the different scope of business, the banks are dived into two groups – Commercial banks and Microfinance & investment banks, and analyzed their data separately. We have used Generalized Least Squared (GLS model to examine the impact of Corporate Governance and Intellectual Capital, and then impact of Intellectual capital on financial performance. The results show that Corporate Governance has significant impact on intellectual capital in both groups of banks. Board ownership has positive significant coefficient only in case of microfinance & investment banks, while Board size and Board independence significantly improve intellectual capital efficiency in case of both types of banks. Human capital efficiency significantly effects financial performance in Microfinance and investment banks, whereas commercial banks improve their financial performance through structural capital efficiency.

  14. The Relationship Between Intellectual Capital and Firm Value: A Study in Istanbul Stock Exchange

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    Selim CENGİZ

    2013-06-01

    Full Text Available The main purpose of this study is to investigate the relationship between intellectual capital and firm value. The study is significant in that it makes intellectual capital, which is of vital importance in ensuring firms’ sustainability, more apparent and it provides a chance to make comparisons with other studies. The companies operating in energy sector in Borsa Istanbul (abbreviated as BIST, former Istanbul Stock Exchange during the period of 2009-2011, are taken into the scope of analysis. Within this scope, the findings obtained by using “Calculated Intangible Value Management” are compared with firms’ market value/book value practices in order to determine the relationship between intellectual capital and firm value. The findings reveal that energy companies operating in Turkey do not consider their intellectual capital assets important and tangible assets are the main factors affecting business performance.

  15. Comparative analysis of sticky SGA costs and cost of goods sold: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Majid Zanjirdar

    2014-03-01

    Full Text Available One of the primary assumptions in accounting industries is to expect an increase (decrease in cost of production is proportion to increase (decrease in sales revenue. However, there are some evidences that the cost of production does not decrease with the same trend as revenue decreases. This phenomenon is called sticky behavior since the cost of production in not reduced as the sales decreases especially in operating as well as administration department. In this paper, we present an empirical investigation to study sticky behavior on 70 selected firms from Tehran Stock Exchange over the period 2002-2011. The results indicate that sales and general administration cost (SGA as well as the costs of sold goods strongly have sticky behaviors.

  16. THE DETERMINANTS OF PROFITABILITY IN COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

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    SORANA VĂTAVU

    2014-10-01

    Full Text Available This research aims to establish the determinants of financial performance in 126 Romanian companies listed on the Bucharest Stock Exchange, over a period of ten-years (2003-2012. The analysis is based on cross sectional regressions. Return on assets is the performance proxy, while the variables expected to have a significant impact on profitability are debt, asset tangibility, size, liquidity, taxation, risk, inflation and crisis. Regression results indicate that profitable companies operate with limited borrowings. Tangibility, business risk and the level of taxation have a negative impact on return on assets. Although earnings are sustained by significant sales turnover, performance is affected by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance.

  17. Block share ownership and corporate earning: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Somayye Adhami

    2013-01-01

    Full Text Available During the past few years, there have been growing interests among researchers to study the effect of block share ownership on corporate earning especially in developing countries. The purpose of this paper is to consider the impact of block ownership on performance of firms in terms of profitability. The proposed study develops two econometric models and applies them on selected firms from Tehran Stock Exchange over the period 2002-2010. The primary objective of this survey is to find the relationship between return of assets and Tobin's Q as dependent variables with eight independent variables including company size, sales growth, block ownership, debt and liability ratios, etc. The results of implementation of ordinary least squares on two econometric models reveal that while there is no meaningful relationship between return of asset and block ownership there is a meaningful relationship between block ownership and Tobin's Q.

  18. Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

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    Jabłoński Bartłomiej

    2015-06-01

    Full Text Available Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

  19. Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Asgarnezhad Nouri Bagher

    2017-03-01

    Full Text Available Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship

  20. 75 FR 31488 - Self-Regulatory Organizations; New York Stock Exchange, LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2010-06-03

    .... Attracting order flow is an essential part of NYSE's competitive success. If NYSE cannot attract order flow... in NMS Stocks in its Concept Release on Equity Market Structure. See Securities Exchange Act Release.... 574 (1986); State Oil Co. v. Khan, 522 U.S. 3 (1997); Northern Pacific Railway Co. v. U.S., 356 U.S. 1...

  1. 78 FR 46661 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Instituting...

    Science.gov (United States)

    2013-08-01

    ...-2013-25] Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Instituting... coordinator for the securities in which the specialist is registered by exercising leadership and managing... securities in which the specialist is registered by exercising leadership and managing trading crowd activity...

  2. 75 FR 28842 - Self-Regulatory Organizations; Proposed Rule Change by Chicago Stock Exchange, Inc.; Notice of...

    Science.gov (United States)

    2010-05-24

    ... of the Proposed Rule Change CHX proposes to amend Article 20, Rule 2 to amend its rules to create... Basis for, the Proposed Rule Changes 1. Purpose The CHX is proposing to amend Article 20, Rule 2 to... received from the responsible single plan processor, the Exchange may resume trading in such stock. The...

  3. How fast do Tokyo and New York stock exchanges respond to each other? An analysis with high-frequency data

    NARCIS (Netherlands)

    Tsutsui, Y.; Hirayama, K.

    2010-01-01

    This paper uses one-min returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six min, but New York reacts within fourteen min. Dividing the sample period into three subperiods, we

  4. 77 FR 65028 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-24

    ... domestic and international shareholder requirements is further highlighted by the fact that many of the... the Consideration of Stockholders and Trading Volume in the Company's Home Country Market or Primary Trading Market Outside the United States, Provided Such Market is a Regulated Stock Exchange, When...

  5. 76 FR 46860 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-03

    ...-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending the Definition of Approved Person To Exclude Foreign Affiliates, Creating a New Definition of ``Foreign... Items have been substantially prepared by the self-regulatory organization. The Commission is publishing...

  6. An application of multiple attribute group decision making in ranking investors’ concerns: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Amir Mohammadzadeh

    2013-02-01

    Full Text Available During the past few years, stock exchange investors confront numerous problems in terms of legal, environmental issues, etc. In this paper, we present an empirical study to detect important issues as barriers for investment in Tehran Stock Exchange. The study has categorized the issues into two groups of real world and legal issues. Since there are different issues involved as major barriers, the study uses analytical hierarchy process to rank them. The study extracts 18 important factors, which influence investors’ participation in Tehran Stock Exchange and using Borda method, prioritize them. The results of the survey indicate that in terms of real issues, Increase in quality of firms Financial Statement is number one priority followed by Increase stock exchange and agents’ proficiency and electronic equipment, Unchangeable investment market rules and bounding organization managers to flow them and Strict supervision on agents’ activities. In terms of legal issues, good supervision of provisions to force firms to reveal information correctly and restrict their secret bargaining is the most important factor followed by Using indirect investment guideline instead of direct investment, Increase in quality of firms’ Financial Statement and Investors’ training toward their rights.

  7. Extreme returns and the contagion effect between the foreign exchange and the stock market: Evidence from Cyprus

    NARCIS (Netherlands)

    Bekiros, S.D.; Georgoutsos, D.A.

    2008-01-01

    In this article we apply the Extreme Value Theory (EVT) in order to estimate the Value-at-Risk (VaR) and the correlation of extreme returns for two inherently unstable markets; the foreign exchange and the stock market. We also derive the corresponding VaR estimates from more 'traditional' methods

  8. THE MOMENTUM EFFECT EXEMPLIFIES THE INFLUENCE OF INVESTORS’ IRRATIONAL BEHAVIOUR ON CHANGING PRICES OF SHARES AND STOCKS: AN ANALYSIS OF THE MOMENTUM EFFECT ON THE WARSAW STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Paweł Merło

    2015-08-01

    Full Text Available An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However, studies on capital markets indicate that in reality it is possible to earn unusually high profits by taking advantage of certain anomalies which occur on a given market. Among such anomalies there is the momentum effect. This study performed on the Stock Exchange in Warsaw has shown that the momentum effect occurred throughout the entire analyzed time period. Positive returns demonstrated for investment strategies based on the momentum effect were unexplainable by the classical theory of finances. A correlation was found between the economic situation on the stock exchange and portfolio return rates, but it was too weak to attribute the effect to a single decisive factor. In addition, the returns from investments based on the momentum effect were statistically higher in January than in the other months, which was caused by the January effect, stimulating the occurrence of statistically higher returns at the beginning of a year rather than later on during the analyzed period of time. Research in this field carried out in other countries justifies the claim that there are many irrational factors which together create the momentum effect on the stock exchange. Thus, it is possible to conclude that irrational decisions may have strong impact on the pricing of stocks on the capital market. The momentum effect persisted throughout the entire analyzed period, although its power changed cyclically, which coincides with results of research carried out in other countries. The fact that the momentum effect did not disappear may suggest that the factors involved in its creation are an indispensable part of the market, and this seems to undermine the commonly accepted

  9. Multi-Ethnicity and Material Exchangesin Late Medieval Tallinn

    DEFF Research Database (Denmark)

    Naum, Magdalena

    2014-01-01

    . It explores ambiguities arising from daily interactions in the shared physical landscape of the town, such as material exchanges, and the development of new technological solutions, and the simultaneous insistence on maintenance of sharp inter-group boundaries. As material culture plays a significant role......his article examines the cultural and social dynamics of a multi-ethnic medieval town. Taking the lower town of Tallinn as a case study, this paper identifies the major urban ethnic groups living in the town and discusses their co-existence, self-definition, and processes of categorization...

  10. Our Man in Tallinn / Martin Anderson

    Index Scriptorium Estoniae

    Anderson, Martin

    1997-01-01

    Muljeid kontserdist "Warner Classics Gala" "Estonia" kontserdisaalis, kus E. Mägi, E.-S. Tüüri, V. Tormise, U. Sisaski jt. loomingut esitasid "Camerata Tallinn", NYYD Ensemble, RAM, pianist Lauri Väinmaa

  11. CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Sechel Ioana-Cristina

    2014-07-01

    Full Text Available Many international investors have realized that they cannot obtain profits as large, investing in mature markets as well as investing in emerging and developing countries. They want to obtain higher yields, of course assuming the extra risk, as the risk of liquidity or volatility of exchange rates, which are significantly higher than in developed markets. Studies on the BRICS economies are countless, researchers pointing that the development of these economies and their transition towards developed economies category is virtually inevitable (Nistor, 2011. In this article we propose a smooth approach on the state of the economies of the BRICS emerging countries and the stock exchanges markets. It is interesting to observe how, according to a forecast of the International Monetary Fund, in the year 2025 world supremacy from the economic point of view will belong still to the United States, but the discrepancies between the United States economy and China's economy subside until then. The same source, however, predict that by the year 2050, China's economy will bring forward the United States of America. However, should not be lost of sight the fact that China is part of the BRICS countries, with enormous development potential. As proof of those exposed earlier, sits the performance obtained from China's economy especially in times of crisis, when the vast majority of the world's economies recorded negative economic growth. Somewhat improperly said so, we were witnessing a world economic depression. The performance of China's economy is so, noteworthy, it received even in the toughest years of global financial and economic crisis, a positive value of economic growth. This also happened, within other BRICS emerging countries economies, having many similar economic meanings. With such a potential for economic growth, the economies of BRICS countries have brought into the spot light the operational stock exchanges. The interest of investors for

  12. Strengthening the Regional Integration in Central and Eastern Europe through Cohesion Policy Instruments and Cooperation among Stock Exchanges

    Directory of Open Access Journals (Sweden)

    JULIA STEFANOVA

    2014-05-01

    Full Text Available The research paper is focused on the analysis of two ways of strengthening the regional integration in the Central and Eastern Europe – through the Cohesion policy instruments and cooperation among stock exchanges. Substantial benefits from the regional integration through cohesion policy include economic and social prosperity, political understanding. It should be further intensified, as it contributes to reduce regional disparities, exchange knowledge and best practices, ensure economic development. On the other hand, the deepening intra-regional cooperation among CEE stock exchanges leads to quantitative and qualitative changes in the course of their consolidation. Some assumptions are reached regarding expected changes on the Bulgarian capital market in the course of intensifying its intra-regional integrational links to CEE capital markets in conformity with set strategic priorities.

  13. ON THE PERFORMANCE OF ARTIFICIAL INTELLIGENCEMETHODS FOR FAILURE PREDICTION: EVIDENCE FROMISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Dr Hakan Er

    2014-01-01

    Full Text Available The prediction of business failure is a widely studied subject in financialliterature. Many earlier studies on this topic employed statistical methods such asmultiple discriminant analysis, logit and probit topredict corporate failure usingpast financial data (especially the ratio data. However, there has been a recentsurge in academic interest in the use of artificialintelligence (AI methods topredict financial distress. Numerous studies documented that AI methodsoutperform traditional methods. Majority of these studies used data fromestablished markets, the number of studies on emerging market data is ratherlimited and only a handful of studies employed Turkish data for analysis. Thisstudy aims to contribute to the literature by applying the artificial neural networksto predict deletions from Istanbul Stock Exchange (ISE National 100 Index. Thesample is constructed using the quarterly fundamental data of the companies listedin this index the period between January 2008 and December 2012. We employedNeural Networks (NN, logit and probit to predict deletions from index onequarter before they have occurred. Results show that although the logit providesslightly better in-sample predictions, all of the methods fail to identify deletions inthe out-of-sample periods.

  14. The impact of intellectual capital on firm performance: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehran Matinfard

    2015-11-01

    Full Text Available The aim of the present research is to study the relationship between intellect capital components and performance evaluation indicators. For measuring intellectual capital, the study uses Pulic’s method [Pulic, A. (2000. VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8, 702-714.], which consists of three components of physical capital efficiency, human capital efficiency and structural capital efficiency. In the present study first, the value of the intellectual capital of the companies listed on Tehran Stock Exchange over the period 2006-2012 is calculated. Next, the relationship between the components of intellectual capital and financial return of the companies are evaluated. For calculating the financial performance 8 performance indicators in 5 groups presenting market value, profitability, activity, capital return, orientation on value creation are used. In the present research the statistical method used for data analysis is multiple regression and correlation coefficients. The selected sample of research includes 73 companies in continuous way for a time period of 7 years and the size of the company has been considered as a control variable. The findings indicate a positive and significant relationship between intellectual capital and financial performance of companies and a positive effect of the size of company on availability rate of intellectual capital and financial performance of a company.

  15. An empirical study on market timing theory: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Nasiri

    2012-09-01

    Full Text Available One of the most important issues in financing corporate is to find appropriate method to make a wise selection between getting loans and increasing the number of shares. There are different theories for making appropriate financing methods. The primary purpose of this paper is to investigate this issue based on market timing theory. The proposed model of this paper chooses selective companies from Tehran Stock Exchange. The proposed model of this paper uses regression analysis on two different models. The primary purpose of the first model given in this paper is to study the effect of market timing theory. In this part of survey, we measure the effect of the ratio of market value to book value on the sources of financing firms though increase in equities. Based on the results, we can conclude that as the ratio of market value to book value increases, firms tend to increase their equity though an increase to the number of shares. The first hypothesis of this paper is confirmed. The second model is associated with the relationship with mean ratio of market value on weighted book value and Leverage and the results of this paper do not confirm such relationship.

  16. Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers

    Energy Technology Data Exchange (ETDEWEB)

    Baten, M. A.; Maznah, M. K.; Razamin, R.; Jastini, M. J. [School of Quantitative Sciences, Universiti Utara Malaysia 06010, Sintok, Kedah (Malaysia)

    2014-12-04

    Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005–2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this study used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005–2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.

  17. Analysis of financial soundness of manufacturing companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Widi Hidayat

    2016-07-01

    Full Text Available This study aims to provide information to the issuer and Bapepam and Indonesian Institute of Accountants with additional important information content of ratings and financial soundness of the indicators that do not harm investors. This is an explanatory and descriptive nature of causality using quantitative methods, using all companies listed on the Indonesia Stock Exchange (ISE taken as the sample. The data were analyzed using discriminant statistical analysis tools are processed with SPSS. The results showed that the level of financial soundness of the manufacturing industries listed on the ISE such as 23 (62% Companies Current Asset Growth (CAG is low as well as Fixed Asset growth (FAG 28 (76% companies is still low, Equity Growth (EqG by 27 (73% the company, Revenue growth (RG 27 (65% companies and Net Income Growth (NIG 35 (95% firms. Two manufacturing companies have a very high NIG, thus, NIG average is very high. The seven models of financial soundness were tested based on the growth of corporate finance such as CAG, FAG, LG, EqG, RG, ExG and NIG. Only one model is not significant, the model RG, while the other model is a significant, with a significant difference be-tween the growths rates of the sound and unsound corporate finances industry groups.

  18. An Examination of the Audit Report Lag of Companies Quoted in the Nigeria Stock Exchange

    Directory of Open Access Journals (Sweden)

    John Chika Onwuchekwa

    2013-10-01

    Full Text Available As important information conciliator, audit report is all the time a focus of audit firms, companies, regulators and investors and its report lag directly determines the usefulness of decision making. We examined the audit report lag of companies quoted in the Nigeria stock exchange for the period 2008 to 2011. The investigation was conducted on a pooled sample of 60 firms across industries (Construction, Breweries, Oil & Gas, Health care, Packaging, Insurance, Publishing, Food Products, Automobiles, Hotel & tourism, Real Estate, Mortgage, ICT, Agro-Allied, Building Materials, Conglomerates, Courier and Banking. The results show that age of a company and total asset has a significant impact on audit report lag in Nigeria. However, the result indicates that Firm size and firm switch has no significant relationship on audit report lag in Nigerian companies. We recommended that further research area on audit report lag should increase the sample size and also the number of years under investigation. Also, Policy makers should look into the audit report lag of quoted companies in Nigeria and formulate policies to enforce compliance. This will assist in boosting investors’ confidence and also guide them in taken timely quality decisions either to invest or de-invest.

  19. Day of the week effect on the Zimbabwe Stock Exchange: A non-linear GARCH analysis

    Directory of Open Access Journals (Sweden)

    Batsirai Winmore Mazviona

    2015-11-01

    Full Text Available This study analysed the day of the week effect on the Zimbabwe Stock Exchange (ZSE by taking into account volatility of returns. The purpose of the study was to establish whether daily mean returns across a trading week differ from each other. We employ a non-linear approach in modelling the day of the week effects. In particular, we used the Generalised Autoregressive Conditional Heteroscedasticity (GARCH and the Exponential GARCH (EGARCH models. We used industrial and mining daily closing indices data from 19 February 2009 to 31 December 2013. The data was retrieved from the ZSE website. EViews 7 software was utilised for data analysis. In order to test the null hypothesis of equality of daily mean returns, a Wald test was carried out. The Wald F-statistic rejected the null hypothesis of equality of mean returns for the industrial index. We found the traditional negative Monday and positive Friday effect for the industrial index in GARCH (1,1 and EGARCH (1,1 models. The GARCH (1,1 detected a negative Friday effect and the EGARCH (1,1 detected negative Wednesday effect for the mining index. We found evidence of model dependency for the mining index results.

  20. Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers

    Science.gov (United States)

    Baten, M. A.; Maznah, M. K.; Razamin, R.; Jastini, M. J.

    2014-12-01

    Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005-2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this study used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005-2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.

  1. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    Directory of Open Access Journals (Sweden)

    Ajayi Ezekiel Oluwole

    2012-12-01

    Full Text Available This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are insider dealings, corporate accounting fraud and share price manipulations affects the capital market and the economy .The study concluded that share prices manipulation actually influences the marketing and economic values of the shares being manipulated. It was recommended that the Nigerian government must put in place strong regulatory measures and punish the entire offender that has been found guilty. It was also recommended that for the market to rebound, stockbrokers that accessed margin facility from banks should be provided with certain percentage of their contributions to the loan as cushion to help them move on with their business.

  2. Financial Reporting on the Internet and the Practice of Croatian Joint Stock Companies Quotes on the Stock Exchanges

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2005-06-01

    Full Text Available In the last ten years, the Internet and applications of it have been increasingly widely employed in modern business operations. In developed countries, the Internet is used with increasing frequency for financial reporting. And accordingly a large amount of academic research has been done into the area. Since no such research has yet been carried out in Croatia, it is a research area that is undoubtedly of interest. This investigation was carried out on a basic sample of 38 joint stock companies quoted on Croatian bourses, the shares of all of them being actively traded. The results showed that twenty of the companies made use of Internet financial reporting and eighteen had no such practice. Companies that use Internet financial reporting on the whole publish the annual reports together with the reports of their auditors. In addition, most of the companies use the PDF format for the reports that they publish. Empirical data show that the firms that use Internet financial reporting are on the whole larger and more profitable, and that their shares are more active on the bourses than the shares of companies that have no such reporting practice. Also established was a statistically significant propensity among financial institutions to use Internet reporting. Joint stock companies in the tourist sector were shown not to have a propensity for Internet financial reporting. Bearing in mind the expected growth of GDP, the growth of the capital market, with the constant growth in the number of Internet users, investment in financial reporting on the Internet could be a useful decision for joint stock companies that wish to enhance the transparency of their operations.

  3. The mediating effect of financial performance on the relationship between intellectual capital & market share: Evidence from Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Seyed Mohamad Fahimi

    2017-11-01

    Full Text Available Intellectual capital has an important role in this knowledge based economy era. The purpose of this study is to examine the mediating effect of financial performance on the relationship between intellectual capital and market share in the listed Companies in the Tehran Stock Exchange in this study to assess the intellectual capital, the rate of value-added intellectual capital that developed by Pulic (1998 is used. The sample included 99 companies listed in the Tehran Stock Exchange, for a period of five years from 2011 to 2015. The research findings show a significant positive relationship between intellectual capital and market share. Also the results show that there is no mediating effect of financial performance in the relationship between intellectual capital and market share

  4. Tallinn laseb Ameerika kosilastel linnahalliga vabalt talitada / Tuuli Aug

    Index Scriptorium Estoniae

    Aug, Tuuli

    2010-01-01

    Tallinna linnahalli rendilepingust Ronald S. Lauderi firmaga Tallinn Entertainment LCC. Lepingu kohaselt hakkab linnahalli arendama Tallinna linna ja ameeriklaste loodav ühisettevõte. Et USA osapool annab ettevõttele laenu, loobub Tallinn selle tagasimaksmise aastateks linnahalli tegevuse juhtimisest

  5. The Role of Implied Volatility in Forecasting Future Realized Volatility and Jumps in Foreign Exchange, Stock and Bond Markets

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper

    We study the forecasting of future realized volatility in the stock, bond, and foreign exchange markets, as well as the continuous sample path and jump components of this, from variables in the information set, including implied volatility backed out from option prices. Recent nonparametric...... relative to both continuous and jump components of past realized volatility. Perhaps surprisingly, the jump component of realized return volatility is, to some extent, predictable, and options appear to be calibrated to incorporate information about future jumps....

  6. Disclosures on control over financial reporting: The reporting practice of banks listed on the Warsaw Stock Exchange

    OpenAIRE

    Gad, Jacek

    2015-01-01

    The purpose of this paper is to identify the effects of the implementation of selected regulations on corporate governance in the reporting practice of banks listed on the Warsaw Stock Exchange. The survey examined the disclosures concerning the main features of the internal control and risk management systems in relation to financial reporting in banks. Research studies on disclosures related to control over financial reporting have not yet been conducted. The paper uses a research method in...

  7. Market Efficiency Analysis at the Stockholm Stock Exchange: Measuring Intraday Stock Price Performance around Interim Reports of the OMXS30 Large Cap Stocks - An Event Study Approach

    OpenAIRE

    Tames Blanco, Juan Marcelo; Nsiah, Samuel Osei

    2010-01-01

    The purpose of this thesis is to perform event studies that determine the level of efficiency of twenty-two large cap stocks from the OMXS30 Index. Under the event study methodology, analysts’ expectations, the standard Capital Asset Pricing Model and a set of parametric tests are implemented. As a result, significant evidence is found on the existence of intraday abnormal returns at the exact moment of an interim report publication. However, further evidence on market corrections state effic...

  8. Firm and Auditor Characteristics, and Audit Report Lag in Manufacturing Companies Listed on Indonesia Stock Exchange during 2008-2012

    Directory of Open Access Journals (Sweden)

    Mukhtaruddin

    2015-03-01

    Full Text Available One of the qualitative characteristics of financial reporting is relevant. Its manifestation can be seen from the timeliness of reporting. Timeliness could be judged from the audit report lag, which is the length of time from the end of company’s fiscal year to the date of auditor's report. This research aims to empirically examine the influence of firm size, operation complexity, auditor quality, and auditor's opinion on audit report lag of manufacturing companies listed in Indonesia Stock Exchange. The population of this research consists of manufacturing companies, listed on Indonesia Stock Exchange from 2008 to 2012 as many as 111 companies with the research’s sample of 65 companies or 325 observational data, which were selected by purposive sampling method. The data are secondary data obtained from Indonesia Stock Exchange. The research proves that simultaneously, all variables significantly influence the audit report lag. Subsequently in partial, variables ‘firm size’, ‘auditor's opinion’ have a significant and positive effect on audit report lag, the ‘auditor quality’ has a significant and negative effect on audit report lag, while the variable ‘operation complexity’ has no significant effect on audit report lag. The coefficient of determination ?(R?^2 in this study was 0.192 or 19.2 % and the remaining 80.8 % is influenced by other factors that were not examined.

  9. Dynamics of islamic stock market returns and exchange rate movements in the ASEAN Countries in a regime-switching environment: Implications for the islamic investors and risk hedgers

    OpenAIRE

    Mustapha, Ishaq Muhammad; Masih, Mansur

    2017-01-01

    This research is motivated by the increasing systemic relevance of Islamic finance and Islamic stock markets beyond the borders of Arabia and other Muslim majority territories. It makes the initial attempt to consider the degree to which the five Islamic stock markets in the original ASEAN-5 and their foreign exchange markets are correlated with a view to assessing the feasibility of policy initiatives to enhance ASEAN Islamic stock market integration and the implications for portfolio inve...

  10. 76 FR 41853 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-15

    ... regulatory efforts and competitive pricing pressures. The Exchange proposes to increase both its SRO and DEA... lower total registration fees for off-Exchange traders to respond to competitive pressures. The Exchange... Exchange to respond to competitive pressures by lowering trader fees for all off-Exchange proprietary...

  11. The machine in the market: Computers and the infrastructure of price at the New York Stock Exchange, 1965-1975.

    Science.gov (United States)

    Kennedy, Devin

    2017-12-01

    This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.

  12. Estimation of a simple agent-based model of financial markets: An application to Australian stock and foreign exchange data

    Science.gov (United States)

    Alfarano, Simone; Lux, Thomas; Wagner, Friedrich

    2006-10-01

    Following Alfarano et al. [Estimation of agent-based models: the case of an asymmetric herding model, Comput. Econ. 26 (2005) 19-49; Excess volatility and herding in an artificial financial market: analytical approach and estimation, in: W. Franz, H. Ramser, M. Stadler (Eds.), Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck, Tübingen, 2005, pp. 241-254], we consider a simple agent-based model of a highly stylized financial market. The model takes Kirman's ant process [A. Kirman, Epidemics of opinion and speculative bubbles in financial markets, in: M.P. Taylor (Ed.), Money and Financial Markets, Blackwell, Cambridge, 1991, pp. 354-368; A. Kirman, Ants, rationality, and recruitment, Q. J. Econ. 108 (1993) 137-156] of mimetic contagion as its starting point, but allows for asymmetry in the attractiveness of both groups. Embedding the contagion process into a standard asset-pricing framework, and identifying the abstract groups of the herding model as chartists and fundamentalist traders, a market with periodic bubbles and bursts is obtained. Taking stock of the availability of a closed-form solution for the stationary distribution of returns for this model, we can estimate its parameters via maximum likelihood. Expanding our earlier work, this paper presents pertinent estimates for the Australian dollar/US dollar exchange rate and the Australian stock market index. As it turns out, our model indicates dominance of fundamentalist behavior in both the stock and foreign exchange market.

  13. Raimo Pullati XX "Vana Tallinn" / Tõnis Liibek

    Index Scriptorium Estoniae

    Liibek, Tõnis

    2009-01-01

    Ilmus professor Raimo Pullati poolt välja antava linnaajalugu ja -kultuuri tutvustava sarja "Vana Tallinn" XX köide. Tšehhi Teaduste Akadeemia raamatukogus toimus Raimo Pullati poolt välja antud entsüklopeedilise suurteose "Johann Christoph Brotze. Estonica" esitlus

  14. 78 FR 62728 - Self Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-22

    .... i. Exchange Membership Overview Exchange Participants are considered ``members'' of the Exchange for... address any other issues surrounding regulatory fees and that the Exchange is not aware of any problems... submitting a single form, fingerprint card and a combined payment of fees to FINRA. Through the CRD system...

  15. 77 FR 68183 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... to a rate of 10%. The Exchange believes that this amendment will bring result in an equitable... Exchange, the Transaction Fee Credits have a higher impact on the Exchange's revenue while its Clearing...) subsection (a), outlining credits for rarely used transactions, will benefit the Exchange to better reflect...

  16. The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tomasz Słoński

    2012-01-01

    Full Text Available The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares. The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001. Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract

  17. Forecasting Volatility of Dhaka Stock Exchange: Linear Vs Non-linear models

    Directory of Open Access Journals (Sweden)

    Masudul Islam

    2012-10-01

    Full Text Available Prior information about a financial market is very essential for investor to invest money on parches share from the stock market which can strengthen the economy. The study examines the relative ability of various models to forecast daily stock indexes future volatility. The forecasting models that employed from simple to relatively complex ARCH-class models. It is found that among linear models of stock indexes volatility, the moving average model ranks first using root mean square error, mean absolute percent error, Theil-U and Linex loss function  criteria. We also examine five nonlinear models. These models are ARCH, GARCH, EGARCH, TGARCH and restricted GARCH models. We find that nonlinear models failed to dominate linear models utilizing different error measurement criteria and moving average model appears to be the best. Then we forecast the next two months future stock index price volatility by the best (moving average model.

  18. Fractional Market Model and its Verification on the Warsaw STOCK Exchange

    Science.gov (United States)

    Kozłowska, Marzena; Kasprzak, Andrzej; Kutner, Ryszard

    We analyzed the rising and relaxation of the cusp-like local peaks superposed with oscillations which were well defined by the Warsaw Stock Exchange index WIG in a daily time horizon. We found that the falling paths of all index peaks were described by a generalized exponential function or the Mittag-Leffler (ML) one superposed with various types of oscillations. However, the rising paths (except the first one of WIG which rises exponentially and the most important last one which rises again according to the ML function) can be better described by bullish anti-bubbles or inverted bubbles.2-4 The ML function superposed with oscillations is a solution of the nonhomogeneous fractional relaxation equation which defines here our Fractional Market Model (FMM) of index dynamics which can be also called the Rheological Model of Market. This solution is a generalized analog of an exactly solvable fractional version of the Standard or Zener Solid Model of viscoelastic materials commonly used in modern rheology.5 For example, we found that the falling paths of the index can be considered to be a system in the intermediate state lying between two complex ones, defined by short and long-time limits of the Mittag-Leffler function; these limits are given by the Kohlrausch-Williams-Watts (KWW) law for the initial times, and the power-law or the Nutting law for asymptotic time. Some rising paths (i.e., the bullish anti-bubbles) are a kind of log-periodic oscillations of the market in the bullish state initiated by a crash. The peaks of the index can be viewed as precritical or precrash ones since: (i) the financial market changes its state too early from the bullish to bearish one before it reaches a scaling region (defined by the diverging power-law of return per unit time), and (ii) they are affected by a finite size effect. These features could be a reminiscence of a significant risk aversion of the investors and their finite number, respectively. However, this means that the

  19. The Response of Australian Stock, Foreign Exchange and Bond Markets to Foreign Asset Returns and Volatilities

    OpenAIRE

    Paul D. McNelis

    1993-01-01

    This paper is a data-analytic study of the relationships among international asset price volatilities and the time-varying correlations of asset returns in a small open economy (Australia) with international asset returns. Making use of recent developments in time-series approaches to volatility estimation, impulse response functions, variance decomposition, and Kalman filtering, I show that the Australian stock market volatility is most closely linked with volatility in the UK stock market, ...

  20. The Application of Dividend Yield Based Investment Strategy in Indonesian Stock Exchange

    OpenAIRE

    Ekaputra, Adriansyah; Sukarno, Subiakto

    2012-01-01

    Stock market development in Indonesia is growing rapidly, coupled with the increase of Indonesia's investment rating by investment research and rating companies such as Moody's and S&P, it makes Indonesian stock market look sexy in the eyes of investors from various countries. The investment strategy that simple and applicable is often sought by investors to maximize the investors' portfolio. One investment strategy is evolving but still not widely used in Indonesia is an investment strat...

  1. Time-frequency causality between stock prices and exchange rates: Further evidences from cointegration and wavelet analysis

    Science.gov (United States)

    Afshan, Sahar; Sharif, Arshian; Loganathan, Nanthakumar; Jammazi, Rania

    2018-04-01

    The current study investigates the relationship between stock prices and exchange rate by using wavelets approach and more focused the continuous, power spectrum, cross and coherence wavelet. The result of Bayer and Hanck (2013) and Gregory and Hansen (1996) confirm the presence of long-run association between stock price and exchange rate in Pakistan. The results of wavelet coherence reveal the dominance of SP during 2005-2006 and 2011-2012 in the period of 8-16 and 16-32 weeks cycle in approximately all the exchange rates against Pakistani rupees. For almost the entire studied period in long scale, the study evidences the strong coherence between both the series. The most interesting part of this coherence is the existence of bidirectional causality in the long timescale. The arrows in this long region are pointing both left up and left down. This suggests that during the time period, our variables are exhibiting out phase relationship with mutually leading and lagging the market. These results are in contrast with many earlier studies of Pakistan.

  2. The Determinants of Corporate debt maturity: a study on listed companies of Bombay Stock Exchange 500 index

    Directory of Open Access Journals (Sweden)

    Raveesh Krishnankutty

    2014-03-01

    Full Text Available The study was intented to identify the determinants of the debt maturity structure of listed firms in Bombay Stock Exchange 500 index. For the analysis we have taken 321 firms during the period 2002- 2011, comprising of a panel model with fixed effects. We also used GMM (1991 and GMM (1998 estimates of our analysis. The result of robustness tests confirms that past year debt maturity, leverage and growth opportunities are directly determined the debt maturity of Indian firms. Liquidity, effective tax and rate prime lending rate are negatively determining the debt maturity of Indian companies.

  3. Corporate Characteristics and Internal Control Information Disclosure- Evidence from Annual Reports in 2009 of Listed Companies in Shenzhen Stock Exchange

    Science.gov (United States)

    Xiaowen, Song

    Under the research framework of internal control disclosure and combined the current economic situation, the paper empirically analyzes the relationship between corporate characteristics and internal control information disclosure. The paper selects 647 A share companies listed in Shenzhen Stock Exchanges in 2009 as a sample. The results show: (1) the companies with excellent performance and high liquidity tend to disclose more internal control information; (2) the companies with the high leverage and also issued B shares are not willing to disclosure internal control information; (3) the companies sizes and companies which have hired Four-big accounting firms have no significant effects on internal control disclosure.

  4. 77 FR 68185 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... importance and expense of the Exchange's regulatory efforts and competitive pricing pressures and to ensure... Exchange participates in a highly competitive market in which regulatory costs are continually increasing...

  5. CAPITAL ASSET PRICING MODEL METHOD USED IN MEASURING AND ANALYZING COMPANIES LISTED IN PEFINDO25 AT INDONESIA STOCK EXCHANGE PERIOD 2015

    Directory of Open Access Journals (Sweden)

    Francis M HUTABARAT

    2016-08-01

    Full Text Available The industry in Indonesia is an interesting business to capitalize. In Indonesia many companies were established since it is profitable. The capital market serves as an economic pillar in most countries. Indonesia is a rich country, rich in many ways especially in natural resources. However, the industry has its ups and downs in the stock market. It is interesting to see the performance of the companies listed in the Indonesia Stock Exchange.  This study aimed to measure and analyze companies listed in Pefindo25 at Indonesian Stock Exchange using Capital Asset Pricing Model. The sample used is 25 companies listed at Pefindo25 index. Based on the results of the study, it can conclude that after analyzing the companies listed in the Indonesian Stock Exchange using Capital Asset Pricing Model that based on Beta analysis, the companies have the type of stocks that are aggressive and defensive. With positive and negative return. The company with aggressive beta shows that the company tend to face higher risk, as JPFA find itself with positif return 15.47% expected return. And companies with defensive type of stocks tend to have positive return such as: FISH, STTP, AISA, APLN, and others since they are not sensitive to market changes. It is recommended for further research to look on this CAPM method in analyzing the stock investment.

  6. 78 FR 5236 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-24

    ... Change to Provide for the Payment of Exchange Fees Through an Integrated Billing Process January 17, 2013... Exchange's integrated billing system (``IBS''). \\3\\ Exchange Rule 1.5 defines the term ``ETP'' as an Equity... clarity to the integrated billing solution [[Page 5237

  7. 77 FR 74536 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-14

    ... facilitates an increasing rate of executions away from the Exchange. Over the past several months, the overall... approximately 74% of the Exchange's overall incoming messaging activity. Due to the low level of executions... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68391; File No. SR-NSX-2012-25] Self-Regulatory...

  8. A Novel Mobile Personalized Recommended Method Based on Money Flow Model for Stock Exchange

    Directory of Open Access Journals (Sweden)

    Qingzhen Xu

    2014-01-01

    Full Text Available Personalized recommended method is widely used to recommend commodities for target customers in e-commerce sector. The core idea of merchandise personalized recommendation can be applied to financial field, which can also achieve stock personalized recommendation. This paper proposes a new recommended method using collaborative filtering based on user fuzzy clustering and predicts the trend of those stocks based on money flow. We use M/G/1 queue system with multiple vacations and server close-down time to measure practical money flow. Based on the indicated results of money flow, we can select the more valued stock to recommend to investors. The experimental results show that the proposed method provides investors with reliable practical investment guidance and receiving more returns.

  9. State sells oil and gas shares in Norway - Statoil to stock exchange list

    International Nuclear Information System (INIS)

    Kimpanpaeae, M.

    2001-01-01

    After several months debate the government of Norway has decided to sell parts of the national oil-company Staoil as well as state-owned gas and oil shares. The government has stated that in the first stage it would be possible to privatize 20% of the Statoil. The market value of Staoil in summer 1999 was estimated to 120 billion NOK and the value has been estimated to increase ever since. The same proposal includes selling 20% of the national oil and gas shares SDOEE. 15 % would be sold to Statoil before listing the company into the stock exchange and the rest to Norsk Hydro and other national and international companies. The remaining share, the value of which is about 500 billion NOK, will become a part of a new state-owned company. The oil and energy ministry of Norway has estimated that the market value of SDOEE is about 600 billion NOK. Advisory committee decided to increase the share to be sold of SDOEE to 21.5%, the share of other companies being 6.5%. SDOEE was grounded in 1985. Since then a part of the oil and gas income of Statoil has gone into the balances of Statoil and another part directly to the state. Statoil has been responsible for the oil and gas sales of SDOEE. SDOEE's gas and oil reserves have been estimated to be about 9.8 billion barrels, 35% of which is oil and the rest natural gas. A new independent state owned company will be founded for transport of natural gas as a part of the change process. Oil companies and other energy companies will deliver the natural gas also in the future. In addition to the national arrangements, the EU's gas market directive will lead to changes in the Norwegian gas sales. As a part of the European Economic Area Norway will put the EU's gas markets directive into force without any transition period. The directive will decrease the price of natural gas and hence the income of Norway from natural gas is estimated to decrease significantly. At the moment the sales company GFU is responsible for organizing the

  10. DISCLOSURES ON CONTROL OVER FINANCIAL REPORTING: THE REPORTING PRACTICE OF BANKS LISTED ON THE WARSAW STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Jacek Gad

    2015-08-01

    Full Text Available The purpose of this paper is to identify the effects of the implementation of selected regulations on corporate governance in the reporting practice of banks listed on the Warsaw Stock Exchange. The survey examined the disclosures concerning the main features of the internal control and risk management systems in relation to financial reporting in banks. Research studies on disclosures related to control over financial reporting have not yet been conducted. The paper uses a research method involving the analysis of annual reports disclosed by banks. The method of induction was used in the process of inference. The results of the study indicate that in the practice of reporting of banks listed on the Warsaw Stock Exchange in 2011, there was no uniform reporting form in terms of the presentation of information on internal control or risk management systems in relation to financial reporting. The disclosures were different both in terms of level of detail and content. In some banks disclosures were drawn at a high level of generality.

  11. Capital Asset Pricing Model Testing at Warsaw Stock Exchange: Are Family Businesses the Remedy for Economic Recessions?

    Directory of Open Access Journals (Sweden)

    Jacek Lipiec

    2014-07-01

    Full Text Available In this article, we test the capital asset pricing model (CAPM on the Warsaw Stock Exchange (WSE by measuring the performance of two portfolios composed of construction firms: family-controlled and nonfamily controlled. These portfolios were selected from the WIG-Construction (WIG—Warszawski Indeks Giełdowy—Warsaw Stock Exchange Index. The performance of both portfolios was measured in the period from 2006 to 2012 with respect to three sub-periods: (1 pre-crisis period: 2006–2007; (2 crisis period: 2008–2009; and (3 post-crisis period: 2010–2012. This division was constructed in this way to find out how family firms performed in crisis times in relation to nonfamily firms. In addition, the construction portfolio was chosen due to its sensitivity to recessions. When an economy faces a downturn, construction firms are among the first to be exposed to risk. The performance was measured by using the capital asset pricing model with statistical inference. We find that public family firms significantly outperformed non-family peers in the crisis times.

  12. Investigation of the Greek Stock Exchange volatility and the impact of foreign markets from 2007 to 2012

    Directory of Open Access Journals (Sweden)

    Nikolaos Sariannidis

    2015-10-01

    Full Text Available Purpose of this paper - The current paper aims to analyze the impact of the debt crisis on the FTSE / ASE 20 index volatility. The research also examines the impact of powerful foreign capital markets on the Greek Stock Exchange market, the seasonality returns (Day-of-the-Week effect and the volatility structure. Design/methodology/approach - The analysis of data is made by employing the GARCH models, and more specifically the GJR-GARCH model. Findings - The results of the GJR-GARCH model demonstrate that the debt crisis and, therefore, its consequences increase the FTSE / ASE 20 index volatility and the Greek market does not react asymmetrically to negative information. In addition, the results indicate the importance of foreign markets in shaping the first moment of the FTSE / ASE 20 index and the presence of the Reverse Day of the Week effect. Research limitations/implications - The implication of volatility measurement is vital in determining the cost for investment, security pricing markets, hedging and other trading strategies, and also for regulatory policies conducted within financial markets. Originality/value - The paper may prove helpful to regulatory authorities, investors and financial analysts to understand the structure and behavior of volatility in a small stock exchange market under crisis.

  13. The Influence of Stock Exchange Transactions on the Volume of Capital Investments in Real Sectors of the Ukrainian Economy

    Directory of Open Access Journals (Sweden)

    Strielnikov Roman M.

    2017-09-01

    Full Text Available It is determined that insufficient attention is paid to the issues of influence of cash flows that are formed in the national stock market on the size of capital investments in real sectors of the national economy. Therefore this direction of scientific and practical research is topical. It is proved that the purchase of securities that the buyer intends to resell within three months cannot be classified as an investment, and the buyer — as an investor. It is found that during the last ten years the main source of financing of capital investments was the position “Own funds of enterprises and institutions”. When considering exchange securities contracts at stock markets there singled out financial instruments that can influence the size of capital investments in real sectors of the economy, namely, shares and bonds of enterprises. The conducted correlation analysis showed that there is a strong correlation between exchange contracts with original issue shares and the volumes of capital investments in real sectors of the economy, which indicates that the capitalization of the assets of issuers of shares contributes to increasing the opportunities for capital investments in the whole country.

  14. A Study on the Relationship between Proprietorship Concentration and Profit Management in the Companies Listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Soghra Ranjbarian

    2017-04-01

    Full Text Available The presence of institutional investors may change the behaviors of companies. The impact of institutional investors on management decisions on financial affairs have been proven in other studies; yet, the present study aims to investigate the relationship between lack of information symmetry an concentration of proprietorship with profit management in the companies listed in Tehran Stock Exchange. The period under study included years 2004 to 2009. Rahavard Novin Computer application was utilized to collect the data; then they were calculated using Microsoft Excel.  SPSS computer application was used to test research hypothesis and conduct other statistical analysis using statistical methods like descriptive statistics, correlation (correlation coefficient, coefficient of determination, regression analysis and testing its coefficients, correlation analysis and test of coefficients and significance of the difference between two correlation coefficients. A total of 109 active companies in the stock exchange were selected as the sample of the study. Results on the first hypothesis revealed that the relationship between concentration of proprietorship and lack of information symmetry. In case of the second hypothesis, it is predicted that there is a significant relationship between profit management with lack of information symmetry and concentration of proprietorship. According to research results, investors and analysts ought to pay attention to factors like proprietorship composition, the level of information symmetry along with the figures published by the companies when making short and long-term decisions.

  15. A Study on the Relationship between Proprietorship Concentration and Profit Management in the Companies Listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Soghra Ranjbarian

    2017-02-01

    Full Text Available The presence of institutional investors may change the behaviors of companies. The impact of institutional investors on management decisions on financial affairs have been proven in other studies; yet, the present study aims to investigate the relationship between lack of information symmetry an concentration of proprietorship with profit management in the companies listed in Tehran Stock Exchange. The period under study included years 2004 to 2009. Rahavard Novin Computer application was utilized to collect the data; then they were calculated using Microsoft Excel.  SPSS computer application was used to test research hypothesis and conduct other statistical analysis using statistical methods like descriptive statistics, correlation (correlation coefficient, coefficient of determination, regression analysis and testing its coefficients, correlation analysis and test of coefficients and significance of the difference between two correlation coefficients. A total of 109 active companies in the stock exchange were selected as the sample of the study. Results on the first hypothesis revealed that the relationship between concentration of proprietorship and lack of information symmetry. In case of the second hypothesis, it is predicted that there is a significant relationship between profit management with lack of information symmetry and concentration of proprietorship. According to research results, investors and analysts ought to pay attention to factors like proprietorship composition, the level of information symmetry along with the figures published by the companies when making short and long-term decisions.

  16. Investigating the effect of growth and financial strength variables on the financial leverage: Evidence from the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iman Dadashi

    2013-04-01

    Full Text Available The primary objective of this study is to investigate the effect of growth and financial strength variables on the financial leverage for some listed companies in the Tehran Stock Exchange. For this purpose, a sample of 700 firm-years among listed companies in the Tehran Stock Exchange over the period 2006-2010 was examined. In the present study, the growth variables, including asset growth, profit growth and sales growth; and financial strength calculated by the Altman Z-bankruptcy model have been considered as independent variables. In addition, the ratios of long-term debt to total assets, long-term debt to fixed assets, total long-term debt and short-term receivable facilities to equity capital and total long-term debt and short-term receivable facilities to total assets are used as measures of financial leverage and dependent variables. The results indicate that there is a negative and significant relationship between assets growth and some indexes of financial leverage. There is also a positive and significant relationship between the variables of profit growth, sales growth and financial strength with financial leverage measures.

  17. ESADSE, Option Design: Workshop Tallinn For All

    Index Scriptorium Estoniae

    2011-01-01

    Rahvusvahelisest koostööprojektist "Cities For All - Tallinn For All". Projekti viis läbi Eesti Disainerite Liit. Ilona Gurjanova organiseeritud töötubades osalesid ajavahemikus september 2010 - september 2011 järgmised kõrgkoolid: Eesti Kunstiakadeemia, Mainori Kõrgkool, Tartu Ülikooli Pärnu Kolledž, Aalto Ülikool (Soome), Saint-Étienne Higher School of Art and Design (Prantsusmaa)

  18. The Roles of Stock Exchanges in Emerging Markets: The Case of ...

    African Journals Online (AJOL)

    This article revisits the discussion on the functions that the emerging stock markets are intended to perform when they are established. In order to fulfill such functions, certain levels of "market micro-structure" characteristics should be obtained. Such micro-structure features include liquidity, market size and enabling ...

  19. The study of the rate of convergence in the stock exchange market of ...

    African Journals Online (AJOL)

    This study used the stock price index of the Persian Gulf countries available on formal informational databases for 5 years (2005-2010) as daily in order to study the long-term convergence ... The study results show the most of these countries have a high correlation and the relationship between these countries is significant.

  20. Can the market fix a wrong administrative decision? Massive delisting on the Prague Stock Exchange

    Czech Academy of Sciences Publication Activity Database

    Fungáčová, Zuzana

    -, č. 335 (2007), s. 1-41 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : mass privatization * stock market * delisting Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp335.pdf

  1. 76 FR 67007 - Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing of...

    Science.gov (United States)

    2011-10-28

    ..., the provision provides that the Audit Committee shall be composed of either four or five directors... Stock Market, which apply to NASDAQ OMX as a listed company, require that NASDAQ OMX's Audit Committee... requirements of the Audit Committee, including independence requirements. \\3\\ NASDAQ IM-5605-3. Similarly...

  2. Search for the periodicity of the prime Indian and American stock exchange indices using date-compensated discrete Fourier transform

    International Nuclear Information System (INIS)

    Samadder, Swetadri; Ghosh, Koushik; Basu, Tapasendra

    2015-01-01

    The behaviour of Indian stock markets has a persistent close association with the behaviour of American stock exchange. The present work is an effort in this direction and the purpose of the present work is to investigate the periodicity of the two prime Indian stock market indices viz. SENSEX and NIFTY and the prime American stock market indices viz. DOW-JONES and S&P500. To serve the present purpose we have here used SENSEX logarithmic daily close data during the period from 1st January, 1990 to 31st December, 2013, NIFTY logarithmic daily close data during the period from 3rd July, 1990 to 31st December, 2013, DOW-JONES logarithmic daily close data during the period from 10th January, 1928 to 31st December, 2013 and S&P500 logarithmic daily close data during the period 3rd January, 1950 to 31st December, 2013. For the present analysis we have first used double exponential smoothing on all the four time series in order to remove the trend and next we have generated monthly averages of the smoothed time series in order to remove the irregular fluctuations. At the final stage Ferraz-Mello method of date-compensated discrete Fourier transform (DCDFT) has been applied on the present four double-smoothed monthly averaged time series. Study reveals periods for SENSEX of 11, 53 and 142 months; for NIFTY periods of 22, 38, 52 and 139 months; for DOW-JONES periods of 23, 25, 27, 30, 59, 107, 138, 194 and 494 months and for S&P500 periods of 28, 66, 74, 149 and 384 months. With this specific periodic behaviour we have also observed some pseudo-periods in the present four financial time series which certainly adds to the uncertainty in the process of prediction for the same

  3. Measurement of Foreign Exchange Exposure on the Turkish Private Banks’ Stock Prices

    OpenAIRE

    Serpil Canbas; Murat Doganlar; Yildirim B.Onal

    2002-01-01

    All performance criteria of the banks are affected by the exchange rate fluctuations through foreign currency transactions and operations. However, exchange rate fluctuations -even without such activities can influence the banks through their affect on foreign competition, foreign loan demand and other banking conditions. Exchange rate exposure is classified as operation, transaction, and accounting exposures. Most of the studies, which measure these exposures, focused on the affect of the ex...

  4. Equity portfolio optimization: A DEA based methodology applied to the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Margareta Gardijan

    2015-10-01

    Full Text Available Most strategies for selection portfolios focus on utilizing solely market data and implicitly assume that stock markets communicate all relevant information to all market stakeholders, and that these markets cannot be influenced by investor activities. However convenient, this is a limited approach, especially when applied to small and illiquid markets such as the Croatian market, where such assumptions are hardly realistic. Thus, there is a demand for including other sources of data, such as financial reports. Research poses the question of whether financial ratios as criteria for stock selection are of any use to Croatian investors. Financial and market data from selected publicly companies listed on the Croatian capital market are used. A two-stage portfolio selection strategy is applied, where the first stage involves selecting stocks based on the respective Data Envelopment Analysis (DEA efficiency scores. DEA models are becoming popular in stock portfolio selection given that the methodology includes numerous models that provide a great flexibility in selecting inputs and outputs, which in turn are considered as criteria for portfolio selection. Accordingly, there is much room for improvement of the current proposed strategies for selecting portfolios. In the second stage, two portfolio-weighting strategies are applied using equal proportions and score-weighting. To show whether these strategies create outstanding out–of–sample portfolios in time, time-dependent DEA Window Analysis is applied using a reference time of one year, and portfolio returns are compared with the market portfolio for each period. It is found that the financial data are a significant indicator of the future performance of a stock and a DEA-based portfolio strategy outperforms market return.

  5. 76 FR 23634 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-04-27

    ... Exchange and reduce automatic cancellations by the Exchange's core trading facility, the Matching System, for orders which lock or cross the best displayed quotes in the National Market System. CHX Only... the CHX Only order locks the NBBO at the time of order entry, and not if it crosses the NBBO. Such...

  6. 78 FR 41966 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-12

    ... market or limit orders for which an ETP Holder instructs the System to route to designated away Trading.... (``SIRI''). \\6\\ NSX Rule 2.11(a) defines a Trading Center as other securities exchanges, facilities of securities exchanges, automated trading systems, electronic communications networks or other brokers or...

  7. 75 FR 12326 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-03-15

    ... Change To Increase the Provide Credit for Transactions Involving Issues Priced Less Than One Dollar March... transactions involving issues priced less than one dollar that occur within the Exchange's Matching System. The... Schedule to increase the provide credit to Exchange Participants for transactions involving issues priced...

  8. 77 FR 39767 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-07-05

    ... the text of the Fee Schedule. Rationale The proposed increase to the dollar amounts of the rebates... (the ``Fee Schedule'') issued pursuant to Exchange Rule 16.1(c) to increase the rebates for certain... order executions in securities priced at least one dollar in the Exchange's Order Delivery Mode of order...

  9. 76 FR 25396 - Self-Regulatory Organizations; The Boston Stock Exchange Clearing Corporation; Notice of Filing...

    Science.gov (United States)

    2011-05-04

    ...) amended the NASDAQ OMX PHLX, Inc. reference to reflect a recent conversion to a limited liability company... corporation to a Delaware limited liability company.\\7\\ \\7\\ Securities Exchange Act Release No. 34-62783... references to an exchange name to reflect a corporate change to a limited liability company are both...

  10. 77 FR 72423 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-05

    ... Effectiveness of Proposed Rule Change To Adopt a New Order Type Called the Double Play Order November 29, 2012... and Modifiers'' to provide a new order type, a Double Play Order. The text of the proposed rule change... ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as...

  11. 77 FR 10013 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-02-21

    ... rate than previously.\\9\\ \\5\\ See, Securities Exchange Act Release No. 65615 (Oct. 24, 2011), 76 FR... payment of a credit for non- CHX trades at a lower rate than for CHX trades appears to strike an... transactions as commissions or some other means. The Exchange's proposed restriction will preclude an...

  12. 77 FR 28909 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-05-16

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE... Order Delivery Mode, and re-introduce a market data revenue rebate sharing program, and to reinstate the... liquidity adding order executions in securities priced at least one dollar in the Exchange's Automatic...

  13. Beta Stability Over Bull and Bear Market on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dębski Wiesław

    2016-12-01

    Full Text Available Beta parameter is one of the commonly used measures of the investment risk of individual stock or portfolio. It plays a crucial role in modern portfolio theory particularly in management of financial investment portfolios. In the field of beta parameter, numerous studies have been conducted, especially beta properties stability in the context of the stock market cycle phases, measuring frequency of rate of return, and the length of a sample period. There are much fewer studies concerned beta parameter in the countries of Central and Eastern Europe which have undergone systemic transformation at the end of the previous century. From a scientific point of view, it is interesting to know how the beta parameter behaves in these countries.

  14. The Determinants of Going Concern Audit Opinions: Evidence from Shanghai Stock Exchange over 2009 to 2011

    OpenAIRE

    LIU, LUPING

    2012-01-01

    This research examines the factors which can affect auditors to issue going concern audit opinions in the Chinese stock market, and furthermore, to discuss the audit quality among Chinese reporting system through the issuance of going concern opinions. Firstly, the data results illustrate that Chinese auditors are more likely to issue going concern audit opinions to those listed companies with poor profitability, low liquidity, less cash inflows and high leverage. Secondly, it can be examined...

  15. Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

    Directory of Open Access Journals (Sweden)

    Cerović Julija

    2015-01-01

    Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

  16. The Australian stock market development: Prospects and challenges

    OpenAIRE

    Sheilla Nyasha; Nicholas M. Odhiambo

    2013-01-01

    This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these r...

  17. 78 FR 69900 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-11-21

    ...''); Google Inc. (``GOOG''); Bank of America Corp (``BAC''); Nokia Corporation (``NOK''); and Sirius Radio... proposed rule change has taken effect upon filing pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act...

  18. The creation of regional stock exchanges contributes to the gradual emancipation of gas prices; La bourse participe de l'emancipation du prix du gaz

    Energy Technology Data Exchange (ETDEWEB)

    Pauron, M

    2008-09-15

    The French gas stock exchanges should be launched by mid-November 2008 by Powernext. In this interview, J.F. Conil-Lacoste, head of Powernext, details its characteristics, how long Powernext has been preparing the launch of this new exchange market, what a gas exchange in France entails, how trading will be carried out, what he expects from it, what this exchange will bring to the current gas market, how the French gas exchange will differ from the other European exchanges, how Powernext will ensure that the exchange will attract enough players, how it will emancipate the gas prices with respect to oil and how he feels the new market opening. (J.S.)

  19. IMPACT OF OIL PRICES ON THE STOCK EXCHANGE OF PAKISTAN AND MALAYSIA

    OpenAIRE

    Rabia Najaf; Khakan Najaf

    2016-01-01

    The aim of this study to show the impact of changing oil prices on the stock market of Pakistan and Malaysia. Our study is trying to show that oil prices have devastated impact on all the aspects of the life. We have taken the data of 1989 to 2010.we have applied the correlation and regression analysis. Our study is showing Pakistan is the importing country therefore; it has worst impact on the oil prices of Pakistan. Normally, most of the studies revealed that there is negative association b...

  20. An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15

    Directory of Open Access Journals (Sweden)

    Đaković Vladimir

    2012-03-01

    Full Text Available The subject of the research is to test and analyze VaR (Value-at-Risk methods of market risk management on the financial market of the Republic of Serbia. Thus, concrete research is conducted in the period 2005 - 2011, with the goal of VaR methods performance assessment on the Serbian financial market. The tested VaR methods are Historical simulation (HS and Delta normal VaR with 95% and 99% confidence level for 50, 100, 200 and 250 days. BELEX15 stock index of the Belgrade Stock Exchange, which comprises of 15 most liquid securities of the Serbian financial market, is used as a benchmark indicator of the conditions on the Serbian financial market. The goals which are intended for achieving in the research are focused to Historical simulation (HS and Delta normal VaR performance assessment on, according to many criteria, 'specific'-transitory financial market of the Republic of Serbia. The basic goal of the research is to come to concrete, practically tested, knowledge about the possibility and performance of VaR methods application on the financial market of the Republic of Serbia in function of investment decisions optimizing. Research results point to the necessity of VaR methods application in market risk management on the financial market of the Republic of Serbia.

  1. A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Monireh Mashhadi Ramezanali

    2014-07-01

    Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

  2. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  3. A study on relationship between asymmetric information on dividend polices of companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adineh Hayatbakhsh

    2013-07-01

    Full Text Available Explaining and the determinants of dividend policy is one of the biggest challenges that have long been the center of attention of accounting and financial researcher and theoreticians. There are many evidences that confirm the effects of dividend and there are a lot of other potential factors whose effects on the dividend policy have not been studied yet. In this study, the effects of four variables including asymmetric information, growth opportunities, cash holding and firm size in payout dividend policy are investigated, simultaneously. The study uses the information of 140 companies listed on Tehran Stock Exchange over the period 2005-2010. In this study, 4 hypotheses are proposed and investigated. There are positive and significant relationships between asymmetric information, growth opportunities, cash holding and company size on one side and payout dividend policy on the other side.

  4. An AHP-GRA method for asset allocation: A case study of investment firms on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Firoozeh Salardini

    2013-10-01

    Full Text Available During the past five decades, there have been tremendous efforts to offer different methods for portfolio management. The primary objective of many of these methods is to provide a trade-off between risk and reward. The proposed study of this paper uses analytical hierarchy process (AHP and grey relational analysis to offer a method for portfolio management. The proposed method of this paper uses a statistical sample consists of 16 firms whose shares were trading during the fiscal year of 2010 on Tehran Stock Exchange. The study uses AHP and gray relational analysis to assign weight to each firm. We also use a linear programming technique to model the resulted problem by considering some realistic constraints.

  5. Is there Needed an Industry Approach on Corporate Default Risk? Case Study on Companies Listed on Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cristina Maria Triandafil

    2009-02-01

    Full Text Available This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments during a period of 10 years in order to highlight out default point/threshold and its essential factors evolution across industries. Research approach is concentrated also on the specific characteristics of the Romanian capital market (especially in terms of illiquidity and lack of transparency additional costs, macroeconomic environment and corporate finance decision process. We compute default point from the perspective of the arbitrage between assets and leverage; in accordance with the most recent theories on specific features corporate default within emerging countries (Galytskyy, 2006, a key element will be represented by the assets volatility which will be correlated with the country risk premium in order to highlight out a potential macroeconomic impact on corporate failure.

  6. Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX 2004-2008

    Directory of Open Access Journals (Sweden)

    Koes Pranowo

    2011-11-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 st1\\:*{behavior:url(#ieooui } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress. The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX, Multinomial Logit JEL Classification Codes: G 3

  7. Co-integration of Karachi stock exchange with major Asian markets

    Directory of Open Access Journals (Sweden)

    Asma Sarfraz

    2012-10-01

    Full Text Available The purpose of this research is to study the long run relationships and co movement amongthe stock markets of Pakistan and other Asian stock marketsi.e.India,Malaysiaand Indonesia.Overthe period of Jan 1,1998 to October 3,2011.This paper examines the co-movement among stockmarkets of Pakistan,India,Malaysia and Indonesia.Descriptive statistics,correlation,co-integrationtests are run to check the behavior and co movement of markets.Granger causality test is used tocheck the lead lag relationship.Impulse response tells about the one standard deviation change inmarket bring what standard deviation change in other market.Variance decomposition technique isused to decompose the variance in one market due to change in another market and due to its owndynamicsi.e.economic and political conditions also affect the market.The results shows that the fourmarkets Pakistan,India,Malaysia and Indonesia areweakly correlated with each other and find noco-integration.Variance decomposition shows that most of the change in above listed countries is dueto their own factors.Number of studies has been conducted on developed markets like United Statesof America,United Kingdom,France,Japan Canada and underdeveloped countries,but this paperfocuses on emerging markets of Asia.

  8. Tallinn rekonstrueerib : juhtumid kahe objektiga / Triin Ojari

    Index Scriptorium Estoniae

    Ojari, Triin, 1974-

    1998-01-01

    1960. a. ehitatud hotell Tallinna (arhitektid Peeter Tarvas, Toivo Kallas) ümberehitus hotelliks Grand Mercure Tallinn. Ümberehituse autor - Kalle Rõõmuse arhitektuuribüroo (I. Vainu, A. Kukke, K. Smirnov, T. Pakri). 1939. a. valminud Pirita restorani (Regati baar) ja autobusside lõppjaama hoone (arhitekt Arthur Jürvetson) - Tallinnas ainus säilinud funktsionalistliku rannaarhitektuuri näide - ümberehitus Regati Maja Ärikeskuseks. Ümberehitusprojekt valmis Laansoo Grupis, arhitektid Anne Kose, Andrus Sisask. Kommentaarid Kalle Rõõmus, Andrus Sisask.

  9. 78 FR 16311 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-14

    ... automatic cancellations by the Matching System.\\8\\ The CHX Only order is a limit order that is to be ranked... and Crossed Markets) to clarify that an order that would lock or cross a Protected Quotation of an..., would lock or cross a Protected Quotation displayed by another trading center, the Exchange will display...

  10. 76 FR 36596 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-06-22

    ... make additional rules subject to punishment under its MRP. These rules relate to: (1) Failure to notify the Exchange of a request to withdraw capital contribution (Article 3, Rule 6(b)); (2) failure to... notes that it has considered the proposed rule's impact on efficiency, competition, and capital...

  11. 78 FR 76675 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-18

    ... Effectiveness of Proposed Rule Change To Permit the Reporting of Odd Lot Transactions for Inclusion on the... inclusion on the consolidated tape\\,\\, in light of the approval of an amendment to the Consolidated Tape... Change 1. Purpose On September 9, 2013, the Exchanges and the Financial Industry Regulatory Authority...

  12. 75 FR 6423 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-02-09

    ... sub-dollar securities in AutoEx and, ultimately, to increase the revenues of the Exchange for the... Change To Amend the NSX Fee and Rebate Schedule To Increase the Rebate for Liquidity Adding Displayed Orders of Securities Priced Under One Dollar in the Auto Execution Mode of Order Interaction to 0.25% of...

  13. 77 FR 51076 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-08-23

    ... technology.\\7\\ \\6\\ See Telemarketing and Consumer Fraud and Abuse Prevention Act; Determination that No... directed the Exchange to enact these telemarketing rules in accordance with the Telemarketing Consumer Fraud and Abuse Prevention Act of 1994 (``Prevention Act'').\\3\\ The Prevention Act requires the...

  14. 77 FR 69673 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-20

    ... History of the CHX Order Cancellation Fee Beginning in January 2010, the Exchange published Fee Schedule... parameters with values set security-type specific (i.e., for each derivative and non-derivative tape A, B and..., assume submission of a buy order for 1,000 shares of a Tape A non-derivative security: For Example A...

  15. 77 FR 34422 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing and...

    Science.gov (United States)

    2012-06-11

    ... Applicants: Current executed Statement of Financial Condition and attached balance sheet pursuant to SEC... Participant and TPH applicants within 30 calendar days of the date Apex Clearing is provisionally approved as... with the Exchange under Articles 16 and 17 as a Market Maker Trader or Institutional Broker...

  16. Systematic Risk on Istanbul Stock Exchange: Traditional Beta Coefficient Versus Downside Beta Coefficient

    Directory of Open Access Journals (Sweden)

    Gülfen TUNA

    2013-03-01

    Full Text Available The aim of this study is to test the validity of Downside Capital Asset Pricing Model (D-CAPM on the ISE. At the same time, the explanatory power of CAPM's traditional beta and D-CAPM's downside beta on the changes in the average return values are examined comparatively. In this context, the monthly data for seventy three stocks that are continuously traded on the ISE for the period 1991-2009 is used. Regression analysis is applied in this study. The research results have shown that D-CAPM is valid on the ISE. In addition, it is obtained that the power of downside beta coefficient is higher than traditional beta coefficient on explaining the return changes. Therefore, it can be said that the downside beta is superior to traditional beta in the ISE for chosen period.

  17. Trading Mechanisms and Market Quality: Evidence from the London Stock Exchange

    Directory of Open Access Journals (Sweden)

    E. Giouvris

    2013-06-01

    Full Text Available Over the last years we have witnessed sweeping changes in trading systems all over the world. Those changes provided academics with an opportunity to look into the microstructure of different markets. Most empirical work in the area has concentrated on comparing changes in liquidity, volatility, trading volume and asymmetric information under different trading settings. Informational efficiency and spread sensitivity to volatility has been neglected however. This paper looks into informational efficiency and spread sensitivity to volatility under different trading settings namely a dealership, an order driven market and a hybrid market. We use FTSE100 and FTSE250 stocks as our sample. The evidence shows that order driven markets respond faster to information compared to dealerships and that spread is more sensitive to volatility in a dealership than in an order driven market. The degree of informational efficiency as well as spread sensitivity to volatility is the same between a dealership and a hybrid market.

  18. Patterns of trading profiles at the Nordic Stock Exchange. A correlation-based approach

    International Nuclear Information System (INIS)

    Musciotto, Federico; Marotta, Luca; Miccichè, Salvatore; Piilo, Jyrki; Mantegna, Rosario N.

    2016-01-01

    We investigate the trading behavior of Finnish individual investors trading the stocks selected to compute the OMXH25 index in 2003 by tracking the individual daily investment decisions. We verify that the set of investors is a highly heterogeneous system under many aspects. We introduce a correlation based method that is able to detect a hierarchical structure of the trading profiles of heterogeneous individual investors. We verify that the detected hierarchical structure is highly overlapping with the cluster structure obtained with the approach of statistically validated networks when an appropriate threshold of the hierarchical trees is used. We also show that the combination of the correlation based method and of the statistically validated method provides a way to expand the information about the clusters of investors with similar trading profiles in a robust and reliable way.

  19. The cultivation of energy crops for biogas production and the application of digestates are characterized by high variability of CO2 exchange and soil organic C stock changes

    Science.gov (United States)

    Augustin, Juergen; Fiedler, Sebastian; Heintze, Gawan; Rohwer, Marcus; Prescher, Anne-Katrin; Pohl, Madlen; Jurisch, Nicole; Hagemann, Ulrike

    2017-04-01

    In Germany, agricultural production accounts for approx. 15% of total anthropogenic greenhouse gas emissions. The cultivation of energy crops is thus considered an important option to reduce the climate impact and maintain or increase soil organic carbon (SOC) stocks. In particular, this applies to the continuously expanding cultivation of energy crops for biogas production and the associated use of residues from anaerobic digestion (digestates) as organic fertilizer. To date, there is only limited and contradicting evidence on the impacts of this management practice on the CO2 exchange as well as the change of SOC stocks. We will present results from a 4-year field study at 5 sites in Germany using identical methods to investigate the interacting effects of i) 3 N-fertilizer treatments including calcium ammonium nitrate and digestates and ii) a crop rotation of 7 energy crops like maize, sorghum, triticale, and wheat on net ecosystem CO2 exchange (NEE) and the change of SOC stocks. We used the manual chamber approach for measuring NEE as the difference between gross primary production and ecosystem respiration. The determination of SOC stock changes was based on a C budget approach, which includes the cumulated annual NEE, the C export by harvest, and the C import by application of anaerobic digestates. The CO2 exchange and the change of SOC stocks were influenced by multiple factors like crop, site, fertilization, and climate, as well as their complex interactions. A large proportion of the variability of the CO2 exchange can be attributed to interannual climatic variability. Productive crops like maize and sorghum generally feature the most intensive CO2 exchange, while less productive crops can compensate for this by means of longer cultivation times. Regardless of the extreme variability, pronounced and partly significant differences of NEE and C budgets between sites were observed. On average, SOC stocks declined over a full crop rotation, but with highly

  20. TIME-VARYING BETA AND VOLATILITY IN THE KUALA LUMPUR STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mansor Ibrahim

    2004-01-01

    Full Text Available The paper analyzes the relationship between beta risk and aggregate market volatility for 12sized-based portfolios for the case of Malaysia using daily data from January 1988 to December 2000. The analysis is conducted for the entire sample as well as various sub-samples corresponding to (ithe upward trend in the market from January 1988-December 1992; (ii the huge influx of portfolio investments from January 1993-June 1997, and (Hi the Asian crisis and its aftermath from July 1997-December 2000. The results generally suggest instability in beta risk due to its significant response to aggregate market volatility. Additionally, we also note that the direction of relationship between beta risk and market volatility seems to depend on stock market conditions or sub-samples used. Namely, beta risk seems to decrease with increasing market volatility for the whole sample as well as the first and the third sub-samples. However, for the second sub-sample, their relationship turns to be positive. Lastly, the author have evidence for the Malaysian case that size does not play significant role in the way beta risk responds to aggregate market volatility. These results have important implications for investment decisions as well as for event analyses employing the market model to generate abnormal returns.

  1. Correlation structures in short-term variabilities of stock indices and exchange rates

    Science.gov (United States)

    Nakamura, Tomomichi; Small, Michael

    2007-09-01

    Financial data usually show irregular fluctuations and some trends. We investigate whether there are correlation structures in short-term variabilities (irregular fluctuations) among financial data from the viewpoint of deterministic dynamical systems. Our method is based on the small-shuffle surrogate method. The data we use are daily closing price of Standard & Poor's 500 and the volume, and daily foreign exchange rates, Euro/US Dollar (USD), British Pound/USD and Japanese Yen/USD. We found that these data are not independent.

  2. An Empirical Investigation of the Black-Scholes Model: Evidence from the Australian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Zaffar Subedar

    2007-12-01

    Full Text Available This paper evaluates the probability of an exchange traded European call option beingexercised on the ASX200 Options Index. Using single-parameter estimates of factors withinthe Black-Scholes model, this paper utilises qualitative regression and a maximum likelihoodapproach. Results indicate that the Black-Scholes model is statistically significant at the 1%level. The results also provide evidence that the use of implied volatility and a jump-diffusionapproach, which increases the tail properties of the underlying lognormal distribution,improves the statistical significance of the Black-Scholes model.

  3. An investigate on relationship between moral hazard and corporate governance with earning forecast quality in the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyed ahmad Khalifehsultani

    2012-09-01

    Full Text Available Moral hazard and corporate governance are important factors in determining market transparency. The proposed study of this paper investigates the effects of these two factors on earning quality as well as forecasted earning in Tehran Stock Exchange. We have selected some stocks based on some predefined circumstances and extracted some necessary information over the period of 2005-2010. Based on these criteria, the information of 132 firms are qualified for the proposed study of this paper using 792 years/firm from 23 industries. There are two hypotheses associated with this study. According to the first hypothesis, we investigate whether there is a relationship between board of director independency and quality of forecasted earning. In the second hypothesis, we look to find out whether there is a relationship between the size of board of directors and quality of forecasted earning. We have used three models and using ordinary regression analysis tried to test the models. Based on the results of the survey, we have concluded that moral hazard does not influence forecasted earning, significantly. However, the results of this survey concluded that there is a meaningful relationship between forecasted earning and quality of earning. In terms of members of editorial board, quality of earning has a reverse relationship with absolute deviation of forecasted earning. In other words, as the number of editorial board increases, we may expect a more precise earning estimation. The other observation is that non-board member's duties have better motivation to contribute to firms and could make some changes.

  4. The Prediction Performance of Asset Pricing Models and Their Capability of Capturing the Effects of Economic Crises: The Case of Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Erol Muzır

    2010-09-01

    Full Text Available This paper is prepared to test the common opinion that the multifactor asset pricing models produce superior predictions as compared to the single factor models and to evaluate the performance of Arbitrage Pricing Theory (APT and Capital Asset Pricing Model (CAPM. For this purpose, the monthly return data from January 1996 and December 2004 of the stocks of 45 firms listed at Istanbul Stock Exchange were used. Our factor analysis results show that 68,3 % of the return variation can be explained by five factors. Although the APT model has generated a low coefficient of determination, 28,3 %, it proves to be more competent in explaining stock return changes when compared to CAPM which has an inferior explanation power, 5,4 %. Furthermore, we have observed that APT is more robust also in capturing the effects of any economic crisis on return variations.

  5. Tallinn Fashion Week algas moeillustraatorite näitusega

    Index Scriptorium Estoniae

    2011-01-01

    Näitus "Uus Põhjamaade moeillustratsioon" Rotermanni kvartalis 18. sept.-ni. Osalejad Eestist, Soomest ja Rootsist loetletud. Näituse kujundaja Tuuli Aule. Väljapaneku loovjuhi Toomas Volkmanni selgitus. Tallinn Fashion Week'i põhiprogrammist

  6. Impact Of Financial Crisis On Hedging Effectiveness Of Futures Contracts: Evidence From The National Stock Exchange Of India

    Directory of Open Access Journals (Sweden)

    Gupta Kapil

    2015-12-01

    Full Text Available The present study examines the impact of the 2008 financial crisis on the hedging effectiveness of three index futures contracts traded on the National Stock Exchange of India for near, next and far month contracts over the sample period of January 2000 – June 2014. The hedge ratios were calculated using eight methods; Naive hedging, Ederington’s Model, Autoregressive Integrated Moving Average, Vector Autoregressive, Vector Error Correction Methodology, Generalized Autoregressive Conditional Heteroskedasticity, Exponential Generalized Autoregressive Conditional Heteroscedasticity and Threshold Generalized Autoregressive Conditional Heteroskedasticity. The study finds an improvement in hedging effectiveness during the post-crisis period, which implies that during the high-volatility period hedging effectiveness also improves. It was also found that near month futures contracts are a more effective tool for hedging as compared to next and far month contracts, which imply that liquidity is a more important determinant of hedging effectiveness than hedge horizons. The study also finds that a time-invariant hedge ratio is more efficient than time-variant hedging. Therefore, knowledge of sophisticated econometrical tools does not help to improve hedge effectiveness.

  7. La riforma della Borsa di Londra. I problemi prudenziali. (Reform of the London Stock Exchange: the prudential issues

    Directory of Open Access Journals (Sweden)

    M.J.B. HALL

    2013-12-01

    Full Text Available Nel mese di ottobre 1986, la Borsa di Londra ha subito quello che è stato chiamato il Big Bang . Questo consisteva nella rimozione delle commissioni fisse in UK transazioni in titoli , l'abolizione del sistema di capacità di singolo , e l'eliminazione delle barriere all'ingresso nei mercati mobiliari del Regno Unito . L'autore prende in considerazione cinque questioni prudenziali sollevate da questo evento : potenza monopolio e dominio straniero , di armonizzazione internazionale della vigilanza , di adeguatezza patrimoniale e di competenza gestionale , la gestione di ' cadere ' (uscita dal settore , e conflitti di interesse . Tre ulteriori fattori sono considerati in dettaglio ; l'approccio del regolatore di conflitti di interesse, la regolamentazione dei conglomerati finanziari , e le implicazioni del Testo Unico della Finanza .In October 1986 the London Stock Exchange underwent what was termed the Big Bang. This consisted of the removal of fixed commissions on UK securities transactions, the abolition of the single capacity system, and the removal of barriers to entry to UK securities markets. The author considers five prudential issues raised by this event: monopoly power and foreign dominance, international supervisory harmonisation, capital adequacy and managerial competence, the management of 'fall out' (exit from the industry, and conflicts of interest. Three further factors are considered in detail; the regulator's approach to conflicts of interest, the regulation of financial conglomerates, and the implications of the Financial Services Act.JEL: G10, G18

  8. Impacts of Firms’ Internal Information Environment on Tax Avoidance (Case Study: Companies Listed In Tehran’s Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jahanbakhsh Ghafoori

    2017-04-01

    Full Text Available The main purpose of this study is to investigate the impacts of firms’ internal information environment on tax avoidance. The research method includes a data panel and is generally of semi-experimental fashion. The population of research is consisted of the entire companies and firms listed in Tehran’s stock exchange as 496 firms from the beginning of 2007 until the end of financial year of 2014. Among the population, a number of 86 firms were selected as the sample through systematic omitting method. For the purpose of data analysis, the tests of T and multivariate linear regression were incorporated into the study. Results indicate that impact of quality of internal information on tax avoidance is higher in those companies in which information play a more important role. Firms which operate under geographic dispersion make more use of the quality of their internal information, because this information helps them towards reduced tax avoidance. High quality of internal information and commercial dispersion force these firms towards avoiding larger taxes. In addition, quality of internal information is not effective on firms which are under reconstruction status.

  9. Using executive information systems as a business management tool in listed Johannesburg Stock Exchange (JSE companies: An exploratory study

    Directory of Open Access Journals (Sweden)

    Elmarie Papageorgiou

    2010-12-01

    Full Text Available Purpose: The aim of the study is to investigate the extent and use of Executive Information Systems (EISs as a business management tool in listed Johannesburg Stock Exchange (JSE companies. Problem: This study is important in order to establish the existence of EISs in these companies and whether it is being used as a business management tool to analyse and measure companies' performances. Research Methodolog:The research methods were both quantitative and qualitative in nature and are based on the literature study, questionnaire and interviews. Findings and conclusion: The findings of the study provide evidence that companies with an EIS or planning to implement an EIS view it as an excellent business management tool. This tool has built-in features, is critical for real-time decision-making, solves problems and creates a competitive edge. Value of the research: The value of the study adds to the current understanding and awareness of EISs. EISs create an environment in which business and management can enhance sustainability and strategic competitiveness.

  10. A study on the relationship between intellectual capital, earning per share and income growth: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2012-09-01

    Full Text Available The primary aim of this survey is to study the relationship between intellectual capital, earning per share and income growth for a case study of Tehran Stock Exchange in Iran. There are 120 companies listed in Tehran Stock Exchange and, using a simple sampling technique, we choose 50 firms, randomly. The results of this survey indicate that the components of intellectual capital including human capital, customer capital, and structural capital have significantly positive relationship with the earning per share of the companies over the period of 2005- 2010. The results also indicate that the components of intellectual capital including human capital, customer capital, and structural capital are positively associated with the income growth of the companies for the period from 2005 to 2010.

  11. EFFECT OF INTELLECTUAL CAPITAL, CAPITAL STRUCTURE AND MANAGERIAL OWNERSHIP TOWARD FIRM VALUE OF MANUFACTURING SECTOR COMPANIES LISTED IN INDONESIA STOCK EXCHANGE (IDX PERIOD 2010-2014

    Directory of Open Access Journals (Sweden)

    Hamidah Hamidah

    2015-09-01

    Full Text Available The purpose of this study is to know the effect of Intellectual Capital, Capital Structure and Managerial Ownership on Firm Value in Manufacturing Company Listed on Indonesia Stock Exchange in 2010-2014. In this research, intellectual capital can be seen from VACA (Value Added Capital Employed, VAHU (Value Added Human Capital, and STVA (Structural Capital Value Added. The research model in this study employs panel data analysis. The samples are manufacturing companies listed in Indonesian Stock Exchange in 2010-2014 selected by purposive sampling. The result show that VACA and STVA has negative and not significant effect on firm value (Tobins’Q. Whereas, VAHU have positive and not significant effect on firm value. Capital structure (DAR have positive and significant effect on firm value. Managerial ownership (MGRL have negative and significant effect on firm value.

  12. Reconstruction of Financial Performance to Manage Gapbetween Value Added Intellectual Coefficient (VAICTM) andValue of Company in Banking Company Listed in IndonesiaStock Exchange

    OpenAIRE

    Ermawati, Yana; Noch, Muhamad Yamin; Zakaria, -; Ikhsan, Arfan; Khaddafi, Muammar

    2017-01-01

    This study aims to analyze the effect of Value Added Intellectual Coefficient (VAIC™) on value of company (MtBV) and financial performance (ROA) as mediating variable. This study used Value Added Intellectual Coefficient (VAIC™) to measure the efficiency of three components i.e. Value Added Capital Employed (VACA), Value Added Human Capital (VAHU), and Structural Capital Value Added (STVA). This study is a quantitative research using 20 banking companies listed in Indonesia Stock Exchange (BE...

  13. Application of Generalized Student’s T-Distribution In Modeling The Distribution of Empirical Return Rates on Selected Stock Exchange Indexes

    Directory of Open Access Journals (Sweden)

    Purczyńskiz Jan

    2014-07-01

    Full Text Available This paper examines the application of the so called generalized Student’s t-distribution in modeling the distribution of empirical return rates on selected Warsaw stock exchange indexes. It deals with distribution parameters by means of the method of logarithmic moments, the maximum likelihood method and the method of moments. Generalized Student’s t-distribution ensures better fitting to empirical data than the classical Student’s t-distribution.

  14. The merger of commercial companies in the Saudi Arabian Stock Exchange (Tadawul) and its impact on the rights of Foreign Direct Investment (FDI) in the Saudi system

    OpenAIRE

    Ali Saeed Alshamrani

    2018-01-01

    This work focuses on the rights of Foreign Direct Investment (FDI) in Saudi Arabia when a merger occurs between two or more commercial companies in the Saudi Arabian Stock Exchange (Tadawul). This article aims to give a comprehensive and critical review of the new Saudi Arabia Companies Law 2015 and also the Foreign Investment Law 2000, and the extent to which these laws provide protection for foreign investors in Saudi Arabia. The article is divided into eight sections, as follows. The first...

  15. The Effect of CEO Duality, Board Composition and Board Size on Organizational Performance of Companies Listed on the Kuala Lumpur Stock Exchange

    OpenAIRE

    Muhammad, Nordin; Harjito, D. Agus; Muhammad, Junaina

    2009-01-01

    This study examined the effect of CEO duality, board composition and board size on organizational performance of Bourse Malaysia or Kuala Lumpur Stock Exchange (KLSE) listed companies. For comparison purpose, this study examined these variables for main board companies as the proxy of large size companies, second board as the proxy for small size companies, and the whole market as proxy for developing country. This study employed 196 companies selected from the main board (96) and the second ...

  16. The Effect of CEO Duality, Board Composition and Board Size on Organizational Performance of Companies Listed on the Kuala Lumpur Stock Exchange

    OpenAIRE

    Muhammad, Nordin; Harjito, D. Agus; Muhammad, Junaina

    2005-01-01

    This study examined the effect of CEO duality, board composition and board size on organizational performance of Bourse Malaysia or Kuala Lumpur Stock Exchange (KLSE) listed companies. For comparison purpose, this study examined these variables for main board companies as the proxy of large size companies, second board as the proxy for small size companies, and the whole market as proxy for developing country. This study employed 196 companies selected from the main board (96) and the second ...

  17. Causality between Stock Prices and Exchange Rates in Turkey: Empirical Evidence from the ARDL Bounds Test and a Combined Cointegration Approach

    Directory of Open Access Journals (Sweden)

    Turgut Türsoy

    2017-03-01

    Full Text Available This paper investigates the interaction between stock prices and real exchange rates by applying monthly data from Turkey for the period between January 2001 and September 2016. This study uses the autoregressive distributed lag (ARDL model and the Error Correction Model (ECM in order to investigate the existence of a long-run equilibrium relationship between the variables. The evidence reveals that there is a strong long-run cointegration. The robustness of the ARDL bounds test cointegration was confirmed using the newly-developed combined cointegration, which also provided the same evidence for a strong long-run relationship. The Granger causality test results indicate a long-run bidirectional causality between stock prices and real exchange rates, and also a unidirectional causality from the real exchange rates to the stock prices in the short-run. In order to analyze the validity and reliability of the test results, diagnostic tests were applied in both the short-run and long-run models.

  18. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  19. Effect of Corporate Governance Structure on the Financial Performance of Johannesburg Stock Exchange (JSE-Listed Mining Firms

    Directory of Open Access Journals (Sweden)

    Isaih Dzingai

    2017-06-01

    Full Text Available There have been many corporate collapses and financial crises in recent years linked to a lack of effective corporate governance. The South African King IV Code of Corporate Governance recommends that corporate governing bodies should be comprised of an appropriate balance of knowledge, diversity, and independence for discharging their duties objectively and more efficiently. This study examines the effect of corporate governance structures on firm financial performance. The secondary data of selected Johannesburg Stock Exchange (JSE, Socially Responsible Investment (SRI Index-listed mining firms’ sustainability reports, and integrated annual financial statements are used. Using panel data analysis of the random effects model, we determined the relationship between board independence and board size and the return on equity (ROE for the period 2010–2015. Results indicate a weak negative correlation between ROE and board size, and a weak, but positive, correlation between ROE and board independence. Additionally, there is a positive, but weak, correlation between ROE and sales growth, but a negative and weak relationship between ROE and firm size. The study suggests that effective corporate governance through a small effective board and monitoring by an independent board result in increased firm financial performance. We recommend that South African companies see compliance with the recommendations of the King IV Code on Corporate Governance not as a liability, but an ethical investment that may likely yield financial benefit in the long-term. Although complying with corporate governance principles does not necessarily translate into a significant economic benefit, firms should, however, continue to adopt corporate governance for ethical reasons to meet stakeholder’s social and environmental needs for sustainable development.

  20. The Green Shoe Option’s Effectiveness at Stabilizing the IPO’S Stock Price on the Indonesian Stock Exchange (2000-2013

    Directory of Open Access Journals (Sweden)

    Siti Saadah

    2016-02-01

    Full Text Available The increased of price volatility due to positive initial returns will reduce investor confidence and impact on the overall market. Market stabilization mechanism is needed to control the price volatility. This research is intended to explore the effectiveness of Green-Shoe Option in reducing stock price volatility after IPO. This study is done through GARCH model development intended to identify the volatility of IPO shares price. This research compares the volatility price of company shares that apply Green shoe option at IPO with companies that do not apply it. The result of this research on companies that conduct IPO on 2000-2013 periods showed that the green shoe option stabilization program which was used by the issuers was effective in muffing the stock prices’ volatility. Therefore, according to researchers Green Shoe Option stabilization program can be used to prevent or ease the drop of shares price under Public offering.

  1. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES Common Nontaxable Exchanges § 1.1036-1 Stock for stock of the same corporation. (a) Section 1036 permits the exchange, without the recognition of gain or loss, of common stock...

  2. Causal Nexus between Stock Price, Demand for Money, Interest Rate, Foreign Institutional Investment, and Exchange Rates in India: A Post Subprime Crisis Analysis

    Directory of Open Access Journals (Sweden)

    Iti Vyas

    2014-08-01

    Full Text Available This  paper  makes  an  attempt  to  empirically  examine  the  causal  nexus  between  stock price, demand for money, interest rates, foreign institutional investment and exchange rates in India in the post subprime mortgage crisis period. The study employed Granger causality test, Vector Auto Regression and Johansen Maximum Likelihood procedure to examine the short  run  and  long  run  dynamic  interaction  among  the  above  mentioned  variables  for  the period January 1993 to May 2009. The major indings of the study are: stock return affects exchange rate return, net foreign institutional investment and growth of demand for money. Growth  of  demand  for  money,  in  turn,  affects  interest  rate.  Interest  rate  is  more  affected by exchange rate return. Foreign institutional investment also affects interest rate. The co-integration  test  conirms  that  there  does  not  exist  any  long  run  equilibrium  relationship between stock return and exchange rate return ";} // -->activate javascript

  3. Integrating dynamic fuzzy C-means, data envelopment analysis and artificial neural network to online prediction performance of companies in stock exchange

    Science.gov (United States)

    Jahangoshai Rezaee, Mustafa; Jozmaleki, Mehrdad; Valipour, Mahsa

    2018-01-01

    One of the main features to invest in stock exchange companies is their financial performance. On the other hand, conventional evaluation methods such as data envelopment analysis are not only a retrospective process, but are also a process, which are incomplete and ineffective approaches to evaluate the companies in the future. To remove this problem, it is required to plan an expert system for evaluating organizations when the online data are received from stock exchange market. This paper deals with an approach for predicting the online financial performance of companies when data are received in different time's intervals. The proposed approach is based on integrating fuzzy C-means (FCM), data envelopment analysis (DEA) and artificial neural network (ANN). The classical FCM method is unable to update the number of clusters and their members when the data are changed or the new data are received. Hence, this method is developed in order to make dynamic features for the number of clusters and clusters members in classical FCM. Then, DEA is used to evaluate DMUs by using financial ratios to provide targets in neural network. Finally, the designed network is trained and prepared for predicting companies' future performance. The data on Tehran Stock Market companies for six consecutive years (2007-2012) are used to show the abilities of the proposed approach.

  4. 75 FR 1438 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2010-01-11

    ... has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U... conditions. Recent trends in market activity have driven down both average trade sizes and average stock...

  5. İstanbul Menkul Kıymetler Borsası’nda (İMKB Sektör Bazında İşlem Gören Hisse Senetlerinin Alım-Satım Kararlarında En Yüksek Getirili Stratejinin Belirlenmesi(Determination of Maximum Gainful Strategy in Exchange of Stocks Traded on Sectoral Basis in Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tuncer ÖZDİL

    2006-01-01

    Full Text Available Today economic units supply their long-term fund demands from capital markets. Firms can obtain funds to issue stocks and bonds in stock exchanges in accordance with market conditions. Particularly going public stocks in primary market are traded in secondary market due to market conditions. Investors in these markets desire to generate earnings from movement of prices and actually it is the main objective in capital markets. In this context, investors want to obtain information about prospective price changes in order to achieve their earning objective. However many time, it is not possible to get such an information because of uncertainty and risks in markets. Individual investors settle some strategies about stock exchange by the help of their personal experiences, observations and information, with an aim to overcome this uncertainty. It is important to decide accurate time of taking and selling stocks. It is not possible to estimate accuracy of timing. The same difficulty appears in strategy process, either. In this study, adequate timing decision of individual investors in stock exchange was examined by a simulation application. Investors’ possible strategies were determined. These strategies applied the closing values of sectoral indexes defined in Istanbul Stock Exchange and advisable strategies for each sector were determined.

  6. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a class...

  7. ASPECTS CONCERNING THE DETERMINATION OF BANKRUPTCY RISK BY SOLVENCY AND LIQUIDITY RATIOS IN THE COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Teodor Hada

    2014-07-01

    Full Text Available This paper presents issues related to determining the bankruptcy risk for 64 companies listed on the Bucharest Stock Exchange.The purpose of this paper is to determine the percentage of companies falling within the normal range. In the introduction, we set the goal, the research methodology, and the novelty value of this work. Hereinafter, we presented different views of risk concepts, bankruptcy, solvency and liquidity. After that, based on theoretical presentations, a case study was conducted to determine the solvency and liquidity ratios. In the end, on the basis of the above considerations, the conclusions were established and some proposals were listed.

  8. Exploring the Impact of ISO 9001, ISO 14001 and OHSAS 18001 Certification on Financial Performance: The Case of Companies listed on the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mihaela Ionașcu

    2017-02-01

    Full Text Available The purpose of this paper is to investigate the impact of ISO 9001, ISO 14001 and OHSAS 18001 certification on the financial performance of Romanian companies listed on the Bucharest Stock Exchange (BSE. Based on audited financial statements of a population of 67 non-financial companies listed during 2013-2015 and using regression models, this paper shows, for the first time in Romania, that companies listed on BSE, implementing complex management systems (quality – environmental and/or occupational health and safety perform better, and that their performance is directly linked to the complexity of the management systems implemented.

  9. 75 FR 4600 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2010-01-28

    ... exchanges, ECNs and the market for delayed data and would better reflect the perceived value of the NYSE... they determine that the perceived benefits outweigh the cost. The Exchange believes that the levels of...

  10. 78 FR 79044 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-27

    ... the sole means of risk control. Moreover, the use of the Exchange's risk management tools will not... announce by Trader Update when specific risk management tools will be available. The Exchange intends to...

  11. 75 FR 4889 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-01-29

    ... Exchange for NYSE-listed securities that was established by means of a joint venture between the Exchange... interest and unfair competitive advantage. * * * These conditions appear reasonably designed to promote...

  12. 76 FR 82024 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-29

    ... offer. For example, if the Exchange best bid is $10.04 and the NBO locks it at $10.04, a pegging e-Quote... interest. Similarly, if automatic executions on the buy (sell) side are suspended at the Exchange, for... does not lock or cross the Exchange best offer (bid).\\5\\ Customers have requested this change because...

  13. 78 FR 38420 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-06-26

    ... subtracting an LRP value to a security's last sale price. The Exchange sets and disseminates a specific LRP... Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of... Exchange is also proposing to make a conforming amendment to Rule 1000(a)(iv)(C), which sets out value...

  14. 76 FR 53513 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-26

    ... Rule 17(c)(2)(B) To Make Permanent the Pilot Program That Permits the Exchange To Accept Inbound Orders Routed by Archipelago Securities LLC in Its Capacity as a Facility of Affiliated Exchanges and To Clarify... the pilot program that permits the Exchange to accept inbound orders routed by Archipelago Securities...

  15. 76 FR 62122 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-10-06

    ... Rule 17(c)(2)(B) To Make Permanent the Pilot Program That Permits the Exchange To Accept Inbound Orders Routed by Archipelago Securities LLC in Its Capacity as a Facility of Affiliated Exchanges and To Clarify... existing pilot program that permits the Exchange to accept inbound orders routed by Archipelago Securities...

  16. 78 FR 4524 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-22

    ... Exchange LLC, an affiliate of the Exchange. The text of the proposed rule change is available on the... Holdings each own a 50% economic interest in the Company. In addition, the Exchange, through its wholly- owned subsidiary NYSE Market, Inc., owns less than 10% of the aggregate limited partnership interest in...

  17. 78 FR 36281 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-06-17

    ... liquidity to the Exchange). As a result, if an SLP did not qualify for one of the higher SLP tiers (e.g., a... calculations exclude early closing days. \\7\\ The Exchange notes that the $0.0010 rate for a Non-Displayed... Non-Displayed Reserve Order) for adding liquidity to the Exchange, unless a higher credit applies; A...

  18. 78 FR 51251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-08-20

    ... orders, and higher volumes of MOC and LOC orders will contribute to the quality of the Exchange's closing.... The Exchange believes that the proposed d-Quote rate of $0.0010 per share for Floor brokers executing... believe that Floor brokers that are removing higher volumes of liquidity via d- Quotes from the Exchange...

  19. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  20. Tallinn makes most intellegent city list / Ella Karapetyan

    Index Scriptorium Estoniae

    Karapetyan, Ella

    2010-01-01

    Intelligent Community Forum (ICF) kuulutas välja 2010. aastal Smart21 nimekirja pääsenud kogukonnad. Tallinn asub nimekirjas 7. kohal. Nimekirja jõuavad suure majandusliku ja sotsiaalse arengu läbi teinud kogukonnad. 21. mail kuulutatakse välja võitnud kogukond

  1. Tallinn soovib linnahalli Ameerika investoritega ikka edasi minna / Raimo Poom

    Index Scriptorium Estoniae

    Poom, Raimo

    2010-01-01

    Tallinna linnavalitsus ootab enne otsustamist, kas pikendada Tallinna linnahalli arendamiseks sõlmitud eellepingut Ameerika ettevõttega Tallinn Entertainment LLC, Ameerika investorite delegatsiooni visiiti Tallinna. Rahandusminister Jürgen Ligi vastusest Tallinna abilinnapea Taavi Aasa kirjale, milles oli ettepanek kaaluda võimalust anda riigi garantii linnahalli arendamise projektile

  2. Kas Tallinn vajab uut brändi? / Andreas Sepp

    Index Scriptorium Estoniae

    Sepp, Andreas

    2010-01-01

    Tallinnas viibinud saksa loomemajanduse õppejõudude Bernd Hartmanni ja Jan Runge sõnul on kultuuripealinna aasta hea võimalus linnakuvandi parandamiseks. Nende arvates võiks Tallinn kultuuripealinna raames anda noortele disaineritele ja filmitegijatele loomingu eksponeerimiseks piisavalt võimalusi ning keskenduda kohaliku kultuurielu parandamisele

  3. Hoogsalt moodne Tallinn Fashion Week / Jaanika Terasmaa : intervjueerinud Annely Martin

    Index Scriptorium Estoniae

    Terasmaa, Jaanika

    2010-01-01

    Tallinn Fashion Week kestab 7. novembrini. Üks moenädala korraldajaid Jaanika Terasmaa, sellest, mida moenädal pakub tavainimesele ja kui oluline on selline ettevõtmine moeloojatele, moenädala eesmärgist

  4. The Influence of Good Corporate Governance Mechanism on Earnings Management: Empirical Study in Indonesian Stock Exchange Listed Company for Periods of 2006-2010

    Directory of Open Access Journals (Sweden)

    Hermiyetti Hermiyetti

    2013-01-01

    Full Text Available The purpose of this research is to examine the influence of good corporate governance mechanism about earnings management in companies listed in Indonesian Stock Exchange during 2006 to 2010. The independent variables include the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable is earnings management which is measured by discretionary revenue model (Stubben, 2010. Size of company is used as the control variable in this research. The population of this research is 465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling method used in this research is purposive sampling method. In addition, the data analysis method used is regression analysis and descriptive statistics. The result of this research indicates that the mechanism of good corporate governance which is represented by the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency do not have any significant impact on earnings management. However, the result shows that company size gave positive influence toward earning management. Keywords: Good corporate governance, size of commissioner board, independent commissioner board percentage, size of audit committee, commissioner meeting frequency, earnings management

  5. Identification and classification of open book accounting dimensions by considering inter-organizational cost management: A case study of petrochemical companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Leila Sadeghi

    2014-02-01

    Full Text Available This study aims to identify and to classify Open book accounting (OBA dimensions according to inter-organizational cost management (IOCM in petrochemical companies listed in Tehran Stock Exchange. In this research, there are 18 statistical society financial and accounting experts listed in Tehran Stock Exchange. By studying the theoretical literature and conducted investigations inside and outside of the country and also the experts’ comments, the OBA dimensions were identified and then classified by analytical hierarchy process technique. According to the studies and experts’ ideas, four dimensions including nature of data and accounting data disclosure practices, uses of disclosed accounting data, conditions of OBA, cost implementation of OBA were identified as OBA dimensions. The results of examinations were shown that, considering the comments on dimensions of nature of data and accounting data disclosure practices, the form of data disclosure plays a more important role. In uses of disclosed accounting data dimension, coordination and planning among team members play the most important role. According to conditions of OBA dimension, trust is the most important one and in cost implementation of OBA dimension, the cost of the other party plays the most important role.

  6. Analyzing Influential Factors Against Timeliness of Financial Reporting (Empirical Study of Automation and Components and Telecommunication Companies Listed on Indonesia Stock Exchange.

    Directory of Open Access Journals (Sweden)

    Joko Suryanto

    2016-12-01

    Full Text Available This research aims to examine the effect of the relationship between firm size, profitability, solvency, public ownership, and the audit opinion on the timeliness of financial reporting. The dependent variable in the form of timekeeping company deliver the financial statements to the Stock Exchange. Meanwhile for the independent variables such as firm size measured by total asets of the company, profitability is measured by profit margin ratio, solvency measured by debt-to-equity ratio, public ownership is measured by the percentage of the number of shares owned by the community, and the audit opinion is measured with an unqualified opinion and otherwise unqualified. This study uses secondary data with population automotive companies and telecommunications components and annual financial statements issued on the Stock Exchange in the period 2010-2012. From the analysis conducted in this study it can be concluded that the size of the company significantly influence the timeliness of financial reporting. While profitability, solvency, public ownership, and the audit opinion does not affect the timeliness of financial reporting.

  7. 78 FR 21481 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer...

    Science.gov (United States)

    2013-04-10

    ... Development of an Enhanced Brokers Internet Platform April 3, 2013. On February 1, 2013, New York Stock... enhanced brokers internet platform. The proposed rule change was published for comment in the Federal... & Governance Professionals, dated March 7, 2013; Niels Holch, Executive Director, Shareholder Communications...

  8. 77 FR 145 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-01-03

    ... joint venture between the Exchange and BIDS.\\3\\ The governance structure that was approved is reflected... interest and unfair competitive advantage. * * * These conditions appear reasonably designed to promote...

  9. 78 FR 34693 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-06-10

    ... in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of....\\4\\ The operative date of the LRP Filing was April 8, 2013. The Exchange noted in the LRP Filing that it would phase out the LRP functionality for securities as they are covered by the Plan in...

  10. 76 FR 49520 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-10

    ... the potential use or misuse of post-trade clearing information to compromise the information barrier.... The Exchange proposes to add information barrier requirements for Institutional Brokers that wish to... trading floor) and could trade from any location. A customer order would be deemed to be on the Exchange...

  11. 77 FR 2585 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-01-18

    ..., the Exchange proposes to delete references to round and odd lot transactions in the Price List, which... Proposed Rule Change Amending the NYSE Price List To Revise Its Schedule of Rebates Paid to Designated Market Makers for Providing Liquidity on the Exchange and To Delete References to Round and Odd Lot...

  12. 75 FR 79435 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-12-20

    ... functionality by the end of December 2010, it will work with the Commission to set a new target date for... work with the Commission to set a new target date for implementation. The Exchange also has represented... close as a result of an order entered into Exchange systems or represented to a Designated Market Maker...

  13. 75 FR 6781 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-02-10

    ... Change To Increase the Provide Credit for Transactions Involving Issues Priced Less Than One Dollar... issues priced less than one dollar that occur within the Exchange's Matching System. The text of this... Changes 1. Purpose Through this filing, the Exchange would amend its Fee Schedule to increase the provide...

  14. 75 FR 6766 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-02-10

    ... Change To Increase the Provide Credit for Transactions Involving Issues Priced Less Than One Dollar... issues priced less than one dollar that occur within the Exchange's Matching System. The text of this... Changes 1. Purpose Through this filing, the Exchange would amend its Fee Schedule to increase the provide...

  15. 78 FR 3958 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval to Proposed...

    Science.gov (United States)

    2013-01-17

    ... immediately in the case of these events would not significantly disadvantage investors. As a result, the... ``Sections,'' not ``Paragraphs.'' The Exchange also proposes several administrative changes to the Guide... proposed amendment would lessen an administrative burden on listed companies. Second, the Exchange proposes...

  16. 77 FR 20870 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2012-04-06

    ... continue to be required to consent to the Exchange's jurisdiction. The Exchange also proposed to make... significant effect on efficiency, competition, or capital formation. In light of the record, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation and has...

  17. 75 FR 80088 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-12-21

    ... wholly-owned subsidiary NYSE Market, Inc., owns less than 10% of the aggregate limited partnership... York Block Exchange LLC, an affiliate of the Exchange. There is no proposed rule text. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In...

  18. 75 FR 21071 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-04-22

    ...., (``NYFIX''). On November 30, 2009, NYFIX became an indirect wholly-owned subsidiary of the Exchange's... Exchange in connection with the acquisition of NYFIX, a Delaware corporation, by a wholly-owned subsidiary... advantages that could place such an affiliated broker-dealer at a competitive advantage in comparison with...

  19. 77 FR 75683 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-21

    ... things, the telephone services provided by third-party carriers to the Exchange were still not fully... intermittent phone and internet service. Specifically, the wired telephone lines and internet connections for... and Internet issues. \\6\\ See Securities Exchange Act Release No. 68161 (Nov. 5, 2012), 77 FR 67704...

  20. 77 FR 63406 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-16

    ... (``Adding ADV,'' which shall exclude any liquidity added by a Designated Market Maker (``DMM'')) that is at... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE... transaction when adding liquidity to the Exchange in a security with a per share price of $1.00 or more...

  1. 75 FR 51512 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-08-20

    ... results in a fractional cabinet, the cabinet count is adjusted up to the next increment.) If reserved... physical proximity to the Exchange's trading and execution systems. The Exchange plans to begin operating a... space. Specifically, Users may reserve cabinet space of up to 30% of the cabinet space under contract...

  2. 78 FR 71002 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-11-27

    ... 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act'') \\2\\ and Rule 19b-4 thereunder,\\3... believes that the incentives offered by the Program, in particular the balanced and limited segmentation of..., and much of it is through client segmentation whereby non-exchange venues are able to incentivize...

  3. 75 FR 54411 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-09-07

    ... with the new quoting and volume requirements. The Exchange also proposes to clarify which mnemonics... the same mnemonic for non-SLP trading activity. Background: Rule 107B, which was adopted as a pilot... things, the Exchange requires pursuant to Rule 107B(c)(1) that an SLP use a unique mnemonic for its SLP...

  4. 78 FR 4936 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Amendment No. 3...

    Science.gov (United States)

    2013-01-23

    ... Approval for Proposed Rule Change, as Modified by Amendment Nos. 1, 2 and 3, To Amend the Listing Rules for...)(B). In addition, Rule 10C-1 requires the listing rules of exchanges to mandate that compensation... identified by the relevant exchange in its listing standards.\\17\\ \\14\\ See Rule 10C-1(b)(2). \\15\\ See Rule...

  5. Ranking of Companies based on TOPSIS-DEA Approach Methods (Case Study of Cement Industry in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Mansory

    2014-08-01

    Full Text Available Ranking options has always been the main issue for managers. There are a lot of qualitative and quantitative approaches for ranking. However most of the approaches for separating and ranking corporations in stock market are less reliable and the results obtained will be invalid. While the evaluation obtained merely through qualitative or quantitative approaches alone, the advantages of integration will be ignored. Thus logically the efficiency of result will be questionable. Thus in this paper the advantages of qualitative and quantitative approaches are integrated which in turn bring about more precision in values of input and output indices. Hence in this paper the approaches, TOPSIS & DEA, have been introduced to rate active companies in cement industry accepted in Tehran stock market. The approach adopted in this paper is applicable and carried out during 2006-2011 and the population of the research includes accepted companies in stock market in cement industry (28 companies and at the end a precise ranking of the companies is presented by integrattive techniques.

  6. 78 FR 43947 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-22

    ..., especially in summer months when member organizations tend to experience greater staff rotation. The Exchange... to remove a burden on competition by making it easier for member organizations to appropriately staff...

  7. 78 FR 21457 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-04-10

    ... disappear in a national market system, but it is not the intention of the bill to force all markets for all... an Information Memorandum. The Exchange plans to revisit the merits of discontinuing the LRP...

  8. Trading Network Predicts Stock Price

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-01

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  9. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  10. The Influence of Profıtabılıty and Debt Ratıo Toward the Value of Stock Medıated by the Issuer’s Actıon (Empirical Study on Fishery Companies listed on the Indonesia Stock Exchange period 2008 – 2014

    Directory of Open Access Journals (Sweden)

    Tigor Sitorus

    2016-04-01

    Full Text Available This study aims to extend a model empirical research from the direct effect of the influencing of profitability and the debt ratio toward the Value of stock  to be a new model empirical research of  the mediating effect of Issuer’s action upon the influencing of profitability and debt ratio toward Value of stock. This research was conducted at the  Fishery Company listed in Indonesia Stock exchange period from  2008 to 2014. Structural Equation Model (SEM by AMOS software 22.00 was used to analyze the data, and the result shows high goodness of fit while the simultaneous and individual tests generate significant result. The result of analysis shows that: (1 the Profitability gives significantly positive influence to Issuer’s Action, (2; the Profitability gives significantly positive influence toValue of stock , (3 the Debt Ratio gives significantly negative influence to Issuer’s Action,  (4; the Debt Ratio gives significantly negative influence to  Value of stock , (5; the Issuer’s Action gives significantly  positive influence to Value of stock , therefore the mediated effect of Issuer’s Action has more strength compared to direct effect of the Profitability and the Debt Ratio toward the Value of stock, so we may conclude that the result evidently shows the Issuer’s Action was able to mediate the influence of profitability and debt ratio toward Value of stock.

  11. The Influence of R&D Policy on Performance of the Companies Listed with Bucharest Stock Exchange (through Intangible Assets

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2008-09-01

    Full Text Available In the new economy, R&D potential of the companies (reflected by intangible assets tends to make the difference between competing enterprises. Although investing in tangible assets is still viewed as important, the researchers have discovered that investors on capital market tend to buy stocks of the high-tech companies promoting a policy of increasing R&D expenditures.The results of the present study on the Romanian economy reveals the correlation between the variation of intangible assets of the chemicals and pharmaceuticals companies (high-tech and their performance – reflected by EPS and PER coefficients.

  12. Tallinna sünagoog = The Tallinn Synagogue

    Index Scriptorium Estoniae

    2008-01-01

    Tallinna sünagoogi (Karu 16, Tallinn) sisekujundusest. Arhitektid: Lembit-Kaur Stöör ja Tõnis Kimmel, sisearhitektid: Liis Lindvere ja Raili Paling, ornamentika töötas välja Martin Lazarev (KOKO Arhitektid). Akustik: Linda Madalik. Sisearhitektidest, nende tähtsamad tööd. I-IV korruse plaan, 3 värv. välis- ja 8 sisevaadet, fotod sisearhitektidest

  13. Tallinna Inglise kolledzhi spordihoone = The Tallinn English College's sports building

    Index Scriptorium Estoniae

    2008-01-01

    Tallinna Inglise kolledzhi spordihoone (Estonia pst. 10, Tallinn) sisekujundusest. Arhitektid: Lembit-Kaur Stöör ja Margus Maiste (KOKO Arhitektid), sisearhitektid: Liisi Murula (Mari OÜ), Liis Lindvere ja Raili Paling, ornamentika: Martin Lazarev (KOKO Arhitektid). Sisearhitektidest, nende tähtsamad tööd. 5 korruse plaani, 2 värv. välis- ja 11 sisevaadet, fotod sisearhitektidest

  14. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  15. The Influence of Return On Asset, Financial Leverage, and Company Size To Underpricing at Companies That Make Initial Public Offering (IPO at Indonesia Stock Exchange.

    Directory of Open Access Journals (Sweden)

    Putu Widhiastina

    2016-12-01

    Full Text Available This study aimed to determine the influence of The Influence of return on asset, financial leverage, and size of company on underpricing. Underpricing is measured by division the difference between clossing prices and offering price with offering price, return on asset is measured by division net profit with total asset, financial leverage is measured by division total debt with total equity and size of company is mesured with total sales in annual report company. This study took a sample of initial public offering company listed in Indonesia Stock Exchange during the years 2010-2013. The data obtained by purposive sampling techniques and using multiple regression analysis. Simultaneous hypothesis testing result show that return on asset, financial leverage and company size simultaneously affect the underpricing. The partial hypothesis test result show that retun on asset, financial leverage and company size have a significant affect the underpricing.

  16. STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

    Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

  17. COMPARATIVE ANALYSIS OF THE TURKISH FOOTBALL CLUB WEB SITES IN THE STOCK EXCHANGE IN ISTANBUL ON THE RELATIONSHIP BETWEEN THE COMPETITIVE INVESTORS IN THE UNITED KINGDOM

    Directory of Open Access Journals (Sweden)

    Fatih TEMİZEL

    2017-04-01

    Full Text Available Since the 1980s, the development of financial liberalization and information technologies has increased the awareness of stakeholders of companies and has enabled investor relations to reach professional dimensions. In this study, it is aimed to contribute to the development of the management of the investor relations of football clubs and to the correct pricing of market values in Stock Exchange Istanbul. For this reason, information will be given about the areas that football clubs which are public offering in Borsa İstanbul and developed markets, distinguish between their web sites and their investor relations in their web sites. When the said websites are examined, the score cards prepared by the Association of Turkish Investor will be used for club activity reports, financial results explanations and website evaluations.

  18. Influence of Profitability, Investment Opportunity Set (Ios Leverage and Dividend Policy on Firm Value in The L Service in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Khuzaini Khuzaini

    2017-10-01

    Full Text Available This research was aimed to analyze the significant influence of profitability, investment opportunity set (ios, leverage and dividend policy partially or simultaneously on firm value. The sample used in this research was Industrial Services in Indonesia Stock Exchange period 2013 to 2015 as many as 28 companies taken by using purposive sampling technique. Hypothesis testing of research using multiple linear regression analysis by SPSS 21 for windows programs. This research found that: (1 profitability has significant influence partially  on firm value; (2 investment opportunity set (ios has significant influence partially  on firm value; (3 leverage has no significant influence partially  on firm value; (3 the dividend policy has no significant influence partially  on firm value; (5 profitability, investment opportunity set (ios, leverage and dividend policy have significant influence simultaneously on firm value with influence value of 46.7%.

  19. Using Benford’s Law to detect data error and fraud: An examination of companies listed on the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    A Saville

    2014-06-01

    Full Text Available Accounting numbers generally obey a mathematical law called Benford’s Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible to detect the occurrence of accounting data that are presented fraudulently. However, the law also allows for the possibility of detecting instances where data are presented containing errors. Given this backdrop, this paper uses data drawn from companies listed on the Johannesburg Stock Exchange to test the hypothesis that Benford’s Law can be used to identify false or fraudulent reporting of accounting data. The results support the argument that Benford’s Law can be used effectively to detect accounting error and fraud. Accordingly, the findings are of particular relevance to auditors, shareholders, financial analysts, investment managers, private investors and other users of publicly reported accounting data, such as the revenue services

  20. Comparison of Neural Networks and Regression Time Series in Estimating the Development of the Afternoon Price of Palladium on the New York Stock Exchange

    Directory of Open Access Journals (Sweden)

    Marek Vochozka

    2017-12-01

    Full Text Available Purpose of the article: Palladium is presently used for producing electronics, industrial products or jewellery, as well as products in the medical field. Its value is raised especially by its unique physical and chemical characteristics. Predicting the value of such a metal is not an easy matter (with regard to the fact that prices may change significantly in time. Methodology/methods: To carry out the analysis, London Fix Price PM data was used, i.e. amounts reported in the afternoon for a period longer than 10 years. To process the data, Statistica software is used. Linear regression is carried out using a whole range of functions, and subsequently regression via neural structures is performed, where several distributional functions are used again. Subsequently, 1000 neural networks are generated, out of which 5 proving the best characteristics are chosen. Scientific aim: The aim of the paper is to perform a regression analysis of the development of the palladium price on the New York Stock Exchange using neural structures and linear regression, then to compare the two methods and determine the more suitable one for a possible prediction of the future development of the palladium price on the New York Stock Exchange. Findings: Results are compared on the level of an expert perspective and the evaluator’s – economist’s experience. Within regression time lines, the curve obtained by the least squares methods via negative-exponential smoothing gets closest to Palladium price line development. Out of the neural networks, all 5 chosen networks prove to be the most practically useful. Conclusions: Because it is not possible to predict extraordinary situations and their impact on the palladium price (at most in the short term, but certainly not over a long period of time, simplification and the creation of a relatively simple model is appropriate and the result is useful.

  1. İstanbul Menkul Kıymetler Borsası’nda Tesadüfi Yürüyüş Testi(Testing for Random Walks in the Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Derya Kahraman

    2005-01-01

    Full Text Available Random walk model is one of the models that are used to test weak-form efficiency. If changes in stock prices follow a random walk model, the price changes will not have serial correlation. In this study, the Istanbul Stock Exchange 100 Index closing price changes for one, five, nine, and sixteen day differencing intervals for 1.1.1996-27.10.2004 period and three non-overlapping sub periods are tested for serial correlation. Since the results verify that the Istanbul Stock Exchange 100 Index does not follow a random walk model during any of the periods tested, investors may be able to profit from some carefully designed trading rules.

  2. 76 FR 40413 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-08

    ... trade or when the lock or cross is cleared.\\4\\ \\4\\ See NYSE Rule 60(d)(i)(C). LRPs are calculated by... triggering of LRPs than is typical on the Exchange, thus unnecessarily limiting automatic execution of orders... continuous automatic executions of securities before hitting an LRP. While the purpose of the LRP is to...

  3. 77 FR 71658 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-03

    ... best offer (bid), but instead would peg to the next available best-priced interest that would not lock... scenario when Market Pegging Interest could lock or cross the Exchange best bid or offer could be if a liquidity replenishment point (``LRP'') is reached pursuant to NYSE Rule 1000, and automatic executions on...

  4. 78 FR 25118 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-04-29

    ... review absent a concrete recognition of the reshaped competition of the Exchange and the Floor and the..., significant demand remains among the most informed market participants for the technology-enabled services of... integration of human judgment, delivered through DMMs and Floor brokers, is driven by the demands of informed...

  5. 78 FR 42573 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-16

    ...) currently provides that Exchange staff shall have the right to inspect and copy the books, records, and... 8210, which concerns the provision of information and testimony and inspection and copying of books and... and inspection and copying of books and records; (2) adopt certain FINRA guidance on the Rule 8000...

  6. 77 FR 10581 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-02-22

    ... is calculated based on a $10.10 reference price, and the last sale prior to that reference price is... on a $10.10 reference price, Buy Minus MOCs and Buy Minus LOCS priced below the last sale are not... of the proposed rule change is available at the Exchange, the Commission's Public Reference Room, www...

  7. 76 FR 51447 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-18

    ... broken by the exchange if they exceed the applicable percentage from the Reference Price, as noted in the table found under Rule 10(c)(1).\\9\\ The Reference Price, for purposes of Rule 10(c)(4), is the price...\\ Pursuant to Rule 10(c)(1), a security with a Reference Price of greater than zero and up to an including...

  8. 77 FR 57627 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-09-18

    ... experience any meaningful diminution in revenue as a result of the proposed amendments and therefore does not... would exist, as the Exchange's listings client service group, which communicates with listed issuers on... term board of directors means the board of directors of the managing general partner, managing member...

  9. 76 FR 8386 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-02-14

    ... required pursuant to the proxy rules to be given by NYSE member organizations to clients where the member... Exchange is concerned that many shareholders receiving proxy materials from their brokers for meetings... Internet comment form ( http://www.sec.gov/rules/sro.shtml ); or Send an e-mail to [email protected

  10. 78 FR 14378 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-05

    ... Proposed Rule Change Relocating Certain Futures and Options Trading Conducted on ICE Futures U.S. From... The Exchange proposes to relocate certain futures and options trading conducted on ICE Futures U.S... products listed for trading by the IFUS, including futures and options on futures on cotton, frozen...

  11. 78 FR 15394 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2013-03-11

    ... inbound and outbound routing of certain orders. See NYSE Rule 17(c). The Exchange also has a joint venture... required unless the Respondent establishes that the failure to make the Document available was not harmless... Directors, would determine whether the failure to make the document available was not harmless error...

  12. 78 FR 5213 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-01-24

    ... or the Act, making a material misstatement, or engaging in manipulation. NYSE Rule 476(b) describes... respondent to inspect and copy documents or records in the possession of the Exchange that are material to... material and that there was reasonable ground [sic] for failure to adduce it before the Hearing Panel or...

  13. 75 FR 12590 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2010-03-16

    ... makes space available at its data center for the storage of Participants' and non-Participants' computer... ``co- location.'' \\4\\ Since 2004, the Exchange has charged fees for its co- location services.\\5\\ These fees cover the physical space associated with co-locating computer hardware and network equipment on...

  14. 78 FR 51765 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-08-21

    ... Proposed Rule Change To Describe the Billing Practice for Co-Location Services and Expand Co- Location... Exchange's current billing practice for co-location services received by Users that connect to more than... reasons for billing co- location in this manner. Co-location services do not directly result in access to...

  15. 78 FR 73905 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2013-12-09

    ... governance tools and advisory services (the ``Enhanced Package''), which the Exchange states has a commercial value of approximately $45,000 annually, and corporate governance tools (the ``Basic Package''), which... Tier Two and Tier A Companies, will consist of a combination of governance, risk, compliance and board...

  16. 77 FR 57625 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-09-18

    ... newly listed issuer is defined as a U.S. issuer conducting an initial public offering (``IPO'') or an... separate IPO), but does not include an issuer that transfers its listing from another U.S. exchange.\\3\\ \\3.... issuer conducting an IPO or emerging from a bankruptcy, spinoff, or carve-out, and should be eligible to...

  17. 76 FR 13251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-03-10

    ... its DMM. In that case, the selection is made by an Exchange Selection Panel (``ESP'') comprised of...\\ in particular in that it is designed to promote just and equitable principles of trade, to foster... when conducting their DMM activities, and the proposed amendments are consistent with Section 806.01 of...

  18. 78 FR 25327 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-04-30

    ... knowledge that an order or orders of substantially the same size, and at substantially the same price, for... ownership, or (iii) executing such an order with knowledge of its character. In 2009, the Exchange adopted... successively higher prices, or sales of any such security at successively lower prices, for the purpose of...

  19. 78 FR 69907 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-11-21

    ... premium on reducing latency. The LCN 10 Gb LX is designed to meet this demand. Ultimately, a User will be... change so that Users may experience the benefits of such proposed change as soon as possible. The... Web site at www.nyse.com , at the principal office of the Exchange, and at the Commission's Public...

  20. 77 FR 41868 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-07-16

    ... the Exchange to enact these telemarketing rules in accordance with the Telemarketing Consumer Fraud... unless the consumer reasonably would expect them to be included given the identification of the call and...). \\34\\ See 47 CFR 64.1601(e). Unencrypted Consumer Account Numbers Proposed NYSE Rule 3230(h) prohibits...

  1. 76 FR 65288 - Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-10-20

    ... Subsidiary of Alpha Beta Netherlands Holding N.V. October 14, 2011. Pursuant to Section 19(b)(1) \\1\\ of the U... (2) 100% of the equity interest of NYSE Market, Inc. (``NYSE Market''), NYSE Regulation, Inc. (``NYSE...'') (the NYSE Exchanges, together with NYSE Market, NYSE Regulation, NYSE Arca LLC and NYSE Arca Equities...

  2. 77 FR 19396 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-03-30

    ... documents of Alpha Beta Netherlands Holding N.V., a holding company organized under the laws of the... in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. Specifically, the Exchange believes that the Proposed Rule Change will clarify the...

  3. 77 FR 70862 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-27

    ... comments it received on the proposed rule change. The text of those statements may be examined at the... period that phone service was not fully functional.\\5\\ Pursuant to that filing, all other aspects of... be functional and therefore Floor brokers still cannot use the Exchange authorized and provided...

  4. 76 FR 12161 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-03-04

    ... proposed rule amendment would establish the protocols for the handling of short sale orders by the Exchange... for the execution, routing to the NYSE Display Book (``DBK'') or routing to other automated trading... Facility's procedures regarding the execution, routing to the DBK and routing to other automated trading...

  5. 78 FR 36284 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer...

    Science.gov (United States)

    2013-06-17

    ... Millo, Professor of Social Studies of Finance, University of Leicester, dated May 20, 2013; Letter to Commission, from James J. Angel, Ph.D., CFA, Associate Professor of Finance, Georgetown University, McDonough... Would Provide DMMs With Certain Market Information, To Amend the Exchange's Rules Governing the Ability...

  6. 78 FR 63547 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Notice of Designation...

    Science.gov (United States)

    2013-10-24

    ... Millo, Professor of Social Studies of Finance, University of Leicester, dated August 22, 2013 (``LSE... Exchanges' Rules Governing the Ability of DMMs To Provide Market Information To Floor Brokers, and To Make... Daniel Buenza, Lecturer in Management, London School of Economics and Yuval Millo, Professor of Social...

  7. 78 FR 79534 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Approving...

    Science.gov (United States)

    2013-12-30

    ..., London School of Economics, and Yuval Millo, Professor of Social Studies of Finance, University of... Information, To Amend the Exchanges' Rules Governing the Ability of DMMs To Provide Market Information to... Professor of Finance, Georgetown University, McDonough School of Business (May 14, 2013) (``Angel Letter...

  8. 78 FR 4570 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 3...

    Science.gov (United States)

    2013-01-22

    ... & Commercial Law Program, University of Denver Sturm College of Law, dated October 30, 3012 (``Brown Letter...-K, Item 10(f)(1) to Exchange Act Rule 12b-2; (c) added commentary to state that the independence...) added commentary to state that the independence assessment of compensation advisers required of...

  9. 78 FR 74200 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-10

    ... center and that provides Users with access to the Exchange's trading and execution systems and to the... optic charge. center). connections at standard 10 Gb). Bundled Network Access, Option 2 10 Gb LX Bundle... connection at 10 Gb LX; SFTI $71,000 monthly to outside access center, and 1 and optic charge. optic...

  10. 75 FR 59310 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2010-09-27

    ... that co-located Users have the option of obtaining access to the Exchange's Liquidity Center Network..., to which all Users have access. Because it operates as a local area network within the data center... basis in combination with SFTI connections and optic connections to outside access centers and within...

  11. 78 FR 54704 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-09-05

    ... the data center and that provides Users with access to the Exchange's trading and execution systems... connections at 10 connections to outside Gb). access center). Bundled Network Access, 40 Gb Bundle (LCN $60... optic monthly charge. connections, 1 optic connections at 10 connection to outside Gb). access center...

  12. 77 FR 47891 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-08-10

    ... delay in securing shareholder approval would seriously jeopardize the financial viability of the enterprise and (2) reliance by the company on that exception is expressly approved by the audit committee of... under the policy of the Exchange and indicating that the audit committee of the board has expressly...

  13. 78 FR 13127 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-02-26

    ... Manhattan vicinity, other services were not yet fully operational. Among other things, the telephone... intermittent phone and internet service. Specifically, the wired telephone lines and internet connections for... and internet issues. \\6\\ See Securities Exchange Act Release No. 68161 (Nov. 5, 2012), 77 FR 67704...

  14. 77 FR 73726 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-11

    ... Research Analysts and Research Reports as Required by the Jumpstart Our Business Startups Act December 4... Authority, Inc. (``FINRA'') for research analysts and research reports as required by the Jumpstart our... analysts and research reports as required by the JOBS Act.\\5\\ \\5\\ See Securities Exchange Act Release No...

  15. 78 FR 11928 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Instituting...

    Science.gov (United States)

    2013-02-20

    ... disadvantaged by the time and place advantage of intra-day traders.'' \\13\\ \\9\\ See Securities Exchange Act... advantage over other market participants through ``intra-day trading,'' where the trader seeks to garner the... a Floor broker to engage in intra-day trading.\\5\\ Currently, NYSE Rule 95(c) states that if a Floor...

  16. 78 FR 16561 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-15

    ... implementation date of the STP modifiers in a Trader Update to be published no later than 90 days after the... accepted prior to the opening or during the trading day with valid STP modifiers could be executed during a...-side interest, Exchange systems would cancel the remaining balance of the incoming STPN order that...

  17. 76 FR 61457 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-10-04

    ... the trading day begins.\\13\\ \\13\\ The Exchange and other markets will advise via Trader Update the... balance between permitting trading halts as late in the day as feasible without interrupting the closing... or after 2 p.m.--trading shall halt and not resume for the rest of the day. Level 3 Halt At any time...

  18. 76 FR 39951 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-07

    ... rulebook consolidation process, see FINRA Information Notice, March 12, 2008. NYSE Rule 409(f) and FINRA Rule 2232 In connection with the rule consolidation efforts between the Exchange and FINRA, the... marked as ``Reserved'' until such time as NYSE Rule 409 is fully harmonized with FINRA rules. The...

  19. 78 FR 51781 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-08-21

    ... last sale market data products for distribution to non-professional users, NYSE Trades Digital Media and NYSE Realtime Reference Prices Digital Media. See Securities Exchange Act Release No. 69298 (Apr... data that they believe will enable them to attract ``eyeballs'' that contribute to their advertising...

  20. 77 FR 40673 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Granting...

    Science.gov (United States)

    2012-07-10

    ... segmentation would not be inconsistent with Section 6(b)(5) of the Act, which requires that the rules of an...(b)(1) of the Securities Exchange Act of 1934 (``Act'') \\1\\ and Rule 19b-4 thereunder,\\2\\ a proposed... Act Release Nos. 65671 (November 2, 2011), 76 FR 69774 (SR-NYSE Amex-2011-84); and 65672 (November 2...

  1. 77 FR 35455 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Granting Approval of Proposed...

    Science.gov (United States)

    2012-06-13

    ... performance that demonstrates an ability to meet the 10% ADV requirement, and use of specified SLP mnemonics... mnemonics specifically dedicated to SLMM activity. Use of these unique mnemonics will enable SLMMs to meet... Exchange. As proposed, such mnemonics may not be used for trading in securities other than SLP Securities...

  2. 77 FR 24239 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-04-23

    ... requirement, and use of specified SLP mnemonics. In addition, the business unit of the member organization... to maintain unique mnemonics specifically dedicated to SLMM activity. Use of these unique mnemonics...-making activity to the Exchange. As proposed, such mnemonics may not be used for trading in securities...

  3. 77 FR 62541 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-10-15

    ... business or personal relationship of the compensation consultant, legal counsel, other adviser or the... standards satisfy the requirements of the final rule; a discussion of the exchange's consideration of... revenues. For purposes of Sections 303A.01, 303A.03, 303A.04, 303A.05 and 303A.09, a director of a business...

  4. THE EARNINGS PER SHARE AND INVENTORY TURNOVER RATIOS IN THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE STUDY FOR FOOD AND TEXTILE SECTORS IN ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Sudi APAK

    2009-01-01

    Full Text Available The ongoing financial crisis in the global markets, which originated in the US subprime mortgage segment (real estate and quickly spread into other market segments and countries, is already seen today as one of the biggest financial crises in history. Underlying the subprime crisis had essentially two interrelated factors; the boom in US real estate markets, and the high liquidity demand in the global financial markets. The later period was, in turn, fuelled by the significant easing of US monetary policy over an extended period of time and by the additional boost to global liquidity as many emerging markets had tied their exchange rates to the US dollar and therefore had to match the expansive US monetary policy. The occurrence of market crash or financial crisis is possible key factor of earning per share (EPS and inventory turnover ratios (ITR inefficiency. This paper empirically investigates that the effects of the current financial crisis on the efficiency -earning per share (EPS and inventory turnover ratios- listed food and textile companies in Istanbul Stock Exchange (ISE. The EPS and inventory turnover ratios, applying the multivariate test statistics for the two sub-periods of pre-crisis and the crisis time. The article proceeds in the following manner. Firstly, the study will explain main reasons of global financial crises. Secondly the study will analyze all EPS and inventory turnover ratios changing are of related companies. Finally, that will be argued for adjustment of related ratios of sectors.

  5. INVESTORS’ MOTIVES AND PRICE TRENDS IN INTERNATIONAL MARKETS AND IN THE GRAIN SECTION OF THE BUDAPEST STOCK EXCHANGE1

    OpenAIRE

    VÁMOS, Imre; NOVÁK, Zsuzsanna

    2008-01-01

    The operation of futures exchanges and the trading on the fl oor is hard to be interpreted without knowing the actors’ main motivations. For the solution of this problem a lot of information is provided by theories aimed at revealing the motives of hedge deals having gained acknowledgment in the international special literature, whose short introduction in this paper is followed by the setting up of our hypothesis based on some previous Hungarian empirical research results. According to our p...

  6. Tallinn 2011 panustab tänavu turismifirmadesse / Kärt Anvelt, Jan Jõgis-Laats ; kommenteerib Roman Geiser

    Index Scriptorium Estoniae

    Anvelt, Kärt, 1973-

    2010-01-01

    Reklaamibüroo Zavod juht Marek Reinaas annab hinnangu SA Tallinn 2011 eelarvekava turundusosale. Kommunikatsioonispetsialist Daniel Vaarik viitab võimalusele kasutada Tallinn 2011 tutvustamiseks sotsiaalvõrgustikke, nt. Facebooki ja Twitterit

  7. Tallinn pürib Euroopa kultuuripealinnaks / Age-Kristel Kartau

    Index Scriptorium Estoniae

    Kartau, Age-Kristel

    2003-01-01

    Kultuuriväärtuste ameti ettevõtmisest, idekampaaniast juhuks, kui Tallinn peaks saama Euroopa kultuuripealinna tiitli aastal 2008. Artiklis ka eesti noorte filmirežissööride Hendrik Toompere jun., Marko Raadi ja Andri Luubi sõidust Inglismaale osalemaks "Tyne-Tallinn Digital Challenge" nimelises projektis

  8. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    Directory of Open Access Journals (Sweden)

    Jay Chok

    Full Text Available In this study, we examine how initial public offerings (IPO entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

  9. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

    In this study, we examine how initial public offerings (IPO) entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO) entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

  10. 17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

  11. Using Garch-in-Mean Model to Investigate Volatility and Persistence at Different Frequencies for Bucharest Stock Exchange during 1997-2012

    Directory of Open Access Journals (Sweden)

    Iulian PANAIT

    2012-05-01

    Full Text Available In our paper we use data mining to compare the volatility structure of high (daily and low (weekly, monthly frequencies for seven Romanian companies traded on Bucharest Stock Exchange and three market indices, during 1997-2012. For each of the 10 time series and three frequencies we fit a GARCH-in-mean model and we find that persistency is more present in the daily returns as compared with the weekly and monthly series. On the other hand, the GARCH-in-mean failed to confirm (on our data the theoretical hypothesis that an increase in volatility leads to a rise in future returns, mainly because the variance coefficient from the mean equation of the model was not statistically significant for most of the time series analyzed and on most of the frequencies. The diagnosis that we ran in order the verify the goodness of fit for the model showed that GARCH-in-mean was well fitted on the weekly and monthly time series but behaved less well on the daily time series.

  12. Impact of political costs on company benefits in the institutions with high free cash flow and low growth opportunity: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Pasandidehfar

    2015-11-01

    Full Text Available The political costs, bonuses paid to managers, how to use the growth opportunities obtained and their effects on the profitability of companies are the issues that have always been a major of corporations’ concerns. Company exposure to political decisions, its costs and effects on the company's cash flow is very important. Hence, understanding the relationship between variables in a company and how they influence on each other helps management decisions for better opportunities and reduction in political costs, increase cash flow and ultimately increase the profitability of the firms. This survey studies the relationship between the impact of political costs on companies with high free cash flow and low growth opportunity. In this survey, company's assets, sales, income and number of employees are estimated. Then the indexes related to these costs are evaluated based on the tax component, the cost of the sports, personnel costs and relationships among them. Pearson correlation coefficient, regression coefficients and analysis of variance have been used to examine the hypotheses of the survey. The results show that the political cost, high free cash flow and low growth opportunity had negative correlations with each other. In other words, there was a negative relationship between profit and political costs in companies with high free cash flow and low growth opportunity. Moreover, high free cash flow and low growth opportunities had significant effect on the relationship between political costs and benefits in companies listed in Tehran Stock Exchange.

  13. THE INFLUENCE OF PROFITABILITY, LIQUIDITY, AND DEBT TO THE DIVIDEND PAYOUT RATIO IN MANUFACTURING COMPANY (LISTED IN INDONESIAN STOCK EXCHANGE FROM 2008-2010

    Directory of Open Access Journals (Sweden)

    Putri Kartika Sari

    2015-11-01

    Full Text Available AbstractThis research analyzes the influence of profitability, liquidity, and debt to dividend payout ratio in manufacturing companies in Indonesia. The samples consist of 102 companies listed in Indonesian Stock Exchange during the period of 2008-2010. This research tests three hypotheses related to the influence of profitability, liquidity, and debt toward the dividend payout ratio (DPR. Data obtained were analyzed by using multiple regression analysis. The results of this research indicate that: (1 profitability ratio (ROI has positively significant influence to dividend payout ratio. (2 Liquidity ratio (QR does not significantly influence to dividend payout ratio. (3 Debt ratio (DER does not significantly influence to dividend payout ratio.Keywords: profitability, liquidity, debt, Dividend Payout Ratio (DPR, manufacturing company.AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen dalam perusahaan-perusahaan manufaktur di Indonesia. Sampel terdiri dari 102 perusahaan yang terdaftar di Bursa saham Indonesia selama periode tahun 2008-2010. Penelitian ini menguji tiga hipotesa yang berkaitan dengan pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen (DPR. Data yang diperoleh dianalisis dengan menggunakan analisis regresi. Hasil dari penelitian ini menunjukkan bahwa: (1 profitabilitas rasio (ROI memiliki pengaruh positif dan signifikan terhadap rasio pembayaran dividen. (2 rasio likuiditas (QR tidak berpengaruh terhadap rasio pembayaran dividen. (3 Rasio hutang (DER tidak berpengaruh atas rasio pembayaran dividen.Kata kunci: profitabilitas, likuiditas, utang, rasio pembayaran dividen (DPR, manufaktur perusahaan.

  14. The effects of performance criteria including accounting, market, and economy on the quality of financial reporting: A case study on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Mahdi Hosseini

    2013-01-01

    Full Text Available This research studies the effects of performance criteria (accounting, market and economy on the quality of financial reporting in Iran. To evaluate the variable financial reporting quality, the scores given to each company are applied based on the checklist introduced by Iranian Association of Certified Public Accountants and used for the disclosure of the information of the annual financial statements of companies. The statistical population of this research consists of the companies listed on Tehran Stock Exchange over the period 2006-2011. This research, which is classified as applied research, uses the methods of multivariate regression test. The data and hypotheses of this research are analyzed and tested using correlation test and means difference test. The results of the tests conducted on 99 companies indicate that there is a significant and positive relation between the rate of return on equity and the equality of financial reporting. There is also a significant and positive relation between earnings per share and the equality of financial reporting. However, there is no relationship between QTOBIN and the equality of financial reporting. Finally, our results indicate there is a significant and positive relation between market value-added and the equality of financial reporting.

  15. Comparing the role of accruals and operating cash flows on users' decisions on financial statements: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohsen Sohrabi Araghi

    2013-01-01

    Full Text Available One of the major challenges facing all of individuals and organizations is decision-making based on the information. The issues of priority about cash flows and accruals data in decision-making process for different groups of financial statement users include investors, creditors, shareholders, directors, etc. one of the issues that has been controversial between accrual and cash accounting advocators for a long time. In this study, we survey the role of accruals and operating cash flows in decisions of financial statement users in listed companies on Tehran stock exchange, information content of operating cash flows and accruals in the connection with decision-making criteria used by different groups using financial statement has been examined. In this study, we use eliminating sampling and implied limitations and the sample size includes 203 companies to examine six hypotheses. The results of this research indicate that there is a significant different between accruals and operating cash flows information content in relation to various decision-making criteria but utilizing accruals and operating cash flows supplementary and simultaneously in profit frame depending on the selection criteria may or may not be include information value-added.

  16. The impact of corporate diversification on firm value using entropy and herfindel indices for the companies listed in tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Keramatollah Heydari Rostami

    2017-07-01

    Full Text Available There are a variety of different business activities. Some companies have lack of diversity but others are diversified. One of the most important parameters for evaluation for choosing company for investing is company’s value. Therefore, this article investigates the effect of diversify by both indices of entropy and Herfindel on firm value for the companies listed in Tehran Stock Exchange. The effect of diversification on firm value is tested for the period of 2006 to 2014 for 88 companies. The target population for the period for investigation is chosen by using Cochrane method and systematic elimination method. Panel analysis is used for hypothesis testing, estimating procedures and testing model assumptions. Results show that there is not significant linear and non-linear relationship between the two variables of entropy index of business diversification and firm value but there is a significant negative relationship between the two variables of Herfindel index of business diversification and firm value. Results show a U-shaped relationship between these variables and the dependent variable.

  17. The relationship between size, book-to-market equity ratio, earnings–price ratio, and return for the Tehran stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Ali Sadeghi Lafmejani

    2016-01-01

    Full Text Available This paper presents an empirical investigation to determine whether or there is any difference between the returns of two value and growth portfolios, sorted by price-to-earnings (P/E and price-to-book value (P/BV, in terms of the ratios of market sensitivity to index (β, firm size and market liquidity in listed firms in Tehran Stock Exchange (TSE over the period 2001-2008. The selected firms were collected from those with existing two-consecutive positive P/E and P/BV ratios and by excluding financial and holding firms. There were five independent variables for the proposed study of this paper including P/E, P/B, market size, market sensitivity beta (β and market liquidity. In each year, we first sort firms in non-decreasing order and setup four set of portfolios with equal firms. Therefore, the first portfolio with the lowest P/E ratio is called value portfolio and the last one with the highest P/E ratio is called growth portfolio. This process was repeated based on P/BV ratio to determine value and growth portfolios, accordingly. The study investigated the characteristics of two portfolios based on firm size, β and liquidity. The study has implemented t-student and Levin’s test to examine different hypotheses and the results have indicated mix effects of market sensitivity, firm size and market liquidity on returns of the firms in various periods.

  18. The Effect of Intellectual Capital on A Company's Performance Moderated by ITS Governance and IT Strategy Integration Employed By Bank Listed in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dodi Wirawan Irawanto

    2017-10-01

    Full Text Available This study investigates whether IT integration and company governance can affect the relationship between intellectual capital and company performance in the Indonesian banking sector. That could happen, as there are ever tighter and more numerous competitiveness levels in the banking sector, especially in the field of information technology (IT and the support given by the top management. This study employs data from 33 banking companies listed on the ISE (Indonesian Stock Exchange in 2013–2014. The testing was done on the elements of VAICTM (VACA, VAHU, STVA, moderated by IT strategy integration (ITSI and corporate governance (DK using the measurement of financial performance (ROA. The findings obtained show that VAHU has a positive effect on financial performance. If the VAICTM element were moderated by ITSI, then a well-integrated IT strategy would weaken the relationship between VACA and banking performance. The limitations of this study lie in the period of the data used, which is limited to 2013–2014, and in that the component used for testing was done in isolation. 

  19. Efficiency of S&P CNX Nifty Index Option of the National Stock Exchange (NSE, India, using Box Spread Arbitrage Strategy

    Directory of Open Access Journals (Sweden)

    G. P. Girish

    2014-09-01

    Full Text Available Box spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data for the time period between 1st January 2002 and 31st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of mis-specification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable box-spreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005 The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India.

  20. IMPACT OF CAPITAL STRUCTURE POLICY ON VALUE OF THE FIRM – A STUDY ON SOME SELECTED CORPORATE MANUFACTURING FIRMS UNDER DHAKA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Jahirul HOQUE

    2014-07-01

    Full Text Available The study is about capital structure policy and its impacts on value of the firm. The outcome of this study was both the primary and secondary data. The study was based on opinions survey of 80 respondents of the 20 manufacturing corporate firms, enlisted under Dhaka Stock Exchange. The empirical analysis of the study was limited to a period of five years ranging 2008-2012. The major findings of the study are: (i the most important determinant of capital structure policy as rated by the respondents have been financial risk , profitability, availability of fund, productivity, liquidity, operating risk, growth rate, proper timing, corporate tax, stability of sales/ investment etc, (ii the study reveals that in terms of the average positions of capital structure and financial structure during 2008-2012, Beximco pharma has ranked first followed by Square pharma, Apex Adelchi, DESCO, ACI ltd, Titas gas, Bata shoe,Aftab automobile, Reneata pharma, Square textile ltd etc,(iii as regards the value of the firm during the study period, Titas gas has obtained first rank followed by Square pharma, DESCO, Beximco pharma, BATBC, ACI, Reneta pharma, Apex Tennary, Apex Adelchi, Bata shoe and so on.(iv this study has portrayed that the independent variables namely capital structure (CS, debt to equity (DER & debt to asset (DR, fixed assets to total assets(Tangibility, earnings before interest and taxes to interest charges(ICR, financial leverage multiplier(FLM have influenced value of the firm(VF to the extent of 79.1 percent significantly. Therefore, it is recommended that the relevant firm’s authority should take proper measures in order to improve the independent variables having positive influence on value of the firms.

  1. Occupational safety and health aspects of corporate social responsibility (CSR) in Japanese companies listed on the Tokyo Stock Exchange (TSE) first section.

    Science.gov (United States)

    Kawashita, Futoshi; Taniyama, Yukari; Hwi, Song You; Fujisaki, Takeshi; Kameda, Takashi; Mori, Koji

    2005-11-01

    Recently, corporate social responsibility (CSR) is becoming widely recognized as an issue for Japanese companies. Corporate responsibility for employees is considered important by various stakeholders, and occupational safety and health is regarded as one of these responsibilities. The present authors examined this issue from the viewpoint of corporate management by analysis of statements found in CSR-related reports. For companies listed on the First Section of the Tokyo Stock Exchange (TSE), we searched for CSR-related reports, and titles and contents, based on two established guidelines: the GRI Sustainability Reporting Guidelines 2002 as the international reference and the Environmental Reporting Guidelines of the Ministry of the Environment, Government of Japan, as the domestic reference. Corporations that published CSR reports were 26.3% (416/1,581) of the total, and large differences were recognized by type of industry. Comparing the numbers of pages for various contents, more concern was shown about the environment than about social activity, indicating the environment to be the main issue of CSR in Japan. In the items included in the guidelines, many matters about occupational accidents were mentioned, but it was found that statements regarding HIV/AIDS, which is not of such strong social concern in Japan, and statements regarding the costs of safety that are difficult to calculate were few. However, statements regarding mental health, which is of high interest socially, were many, even though this issue is not included in the two guidelines used. In revising the guidelines, these matters should be reviewed. In the future, continuance of analysis of CSR-related reports with regard to changes and comparisons with overseas reports will help improve occupational safety and health.

  2. Corporate social responsibility disclosure—choices of report and its determinants: Empirical evidence from firms listed on the Stock Exchange of Thailand

    Directory of Open Access Journals (Sweden)

    Suneerat Wuttichindanon

    2017-05-01

    Full Text Available This research investigated the report choices used for corporate social responsibility (CSR disclosure and the determinants of CSR disclosure of firms listed on the Stock Exchange of Thailand (SET. Since 2014, firms listed on the SET have been required to disclose CSR in either an annual registration statement or a separate report called a sustainability report. It was, therefore, noteworthy to examine the choices these firms chose in the first year of disclosure. The independent variables were hypothesized under three dimensions—shareholder power (government ownership, corporate visibility (firm size and age, and economic performance (profitability and leverage. The results revealed that government-owned firms or large firms are more likely to prefer the sustainability report. In addition, content analysis of CSR disclosure was conducted in three industries: resources, technology and industrial products. Nine CSR components with 43 indices were developed and used to score the disclosure of firms in the three industries. The three highest CSR disclosure items found were declaring concerns of human rights and equality, having a policy of anti-corruption, and generous giving. Moreover, this study found a positive relationship between the number of CSR disclosure items and government ownership; however, neither firm age nor economic performance in the year before was related to the CSR disclosure. These research findings support the proposition of the stakeholder theory affirming that firms carry out CSR activities because of their stakeholders' influence, and regardless of economic performance. In Thailand, stakeholders' influence and corporate visibility are significant determinants of the CSR disclosure.

  3. Siim Nestor soovitab : Tallinn Doom Night vol.1. Odessa Pop / Siim Nestor

    Index Scriptorium Estoniae

    Nestor, Siim, 1974-

    2006-01-01

    Soome doom-metal ansambel Reverend Bizarre üritusel "Tallinn Doom Night vol.1" 8. dets. klubis Rockstar's. Indipoppi viljelev Rootsi duo My Darling Yoy! üritusel "Odessa Pop" 9. dets. Tallinnas klubis KuKu

  4. Uhiuus orkester Tallinn Sinfonietta / Ivo Lille ja Risto Joost ; intervjueerinud Kristina Kõrver

    Index Scriptorium Estoniae

    Lille, Ivo, 1977-

    2009-01-01

    Kontserdiagentuurist HIMusic Agency ja Tallinn Sinfoniettast räägivad dirigent R. Joost ja I. Lille. Avakontserdist Vene Kultuurikeskuses, kus oli kavas Mozarti sümfooniad 1, 10 ja 40 ning kontsertaariad bulgaaria soprani Sonya Youncheva esituses

  5. [Karin Hallas. Das Tallinner Mietshaus. Vom Historismus bis zum Jugendstil] / Paul Kaegbein

    Index Scriptorium Estoniae

    Kaegbein, Paul

    2006-01-01

    Arvustus: Karin Hallas. Das Tallinner Mietshaus. Vom Historismus bis zum Jugendstil. In: Architektur und bildende Kunst im Baltikum um 1900. Frankfurt am Main, Berlin, Bern, Bruxelles, New York, Wien: Lang 1999. S. 173-192.

  6. Tallinn 2011 ... mitte ainult koorikonkurss / Aivar Leštšinski

    Index Scriptorium Estoniae

    Leštšinski, Aivar, 1958-

    2011-01-01

    Festivali avapäeval esitletud CD-komplektist "Läbilõige eesti koorimuusikast" ja mõtteid, et riigitelevisioonis võik olla koorimuusikat puudutav saade ning koorifestivali "Tallinn 2011" tulemused

  7. Euroopa kultuuripealik 2011 (Tallinn) lõpuks leitud / Mikko Fritze ; interv. Kaarel Tarand

    Index Scriptorium Estoniae

    Fritze, Mikko, 1963-

    2007-01-01

    Tallinn on Euroopa 2011. a. kultuuripealinn. Intervjuu korraldava sihtasutuse tegevjuhi Mikko Fritzega. Tegevusprogrammist, ka infrastruktuuri projektidest (linnateater, Kultuurikatel, rannapromenaad, lauluväljak, linnahall) jm. SA bürool on kavatsus kolida Kultuurikatlasse

  8. "Tallinn Jazz Weekend" tõi kultuuripealinna Euroopa jazzielu korraldajad / Marje Ingel, Joosep Sang

    Index Scriptorium Estoniae

    Ingel, Marje

    2011-01-01

    Jazziorganisatsioonist Europe Jazz Network ja selle aastakonverentsist Tallinnas ning J. Sang selle raames Von Krahli teatris toimunud Tallinn Jazz Weekendi eesti jazzmuusika showcase-festivalist lühidalt

  9. Stock Status

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

  10. Collective behavior of stock price movements in an emerging market

    OpenAIRE

    Pan, Raj Kumar; Sinha, Sitabhra

    2007-01-01

    To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions ...

  11. Non-controlling interests, financial performance and the equity of groups. An empirical study of groups listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Radosław Ignatowski

    2015-09-01

    Full Text Available The purpose of this article is to (a analyze IFRS requirements for the recognition and presentation of non-controlling (minority interests in consolidated financial statements in relation to theoretical concepts of consolidation of financial statements, and (b assess the share and importance of non-controlling inter-ests in financial performance and the equity of the groups of companies in practice.For the purpose of the article, selected scientific methods have been used, including: descriptive and analytical ones (for analyzing the theoretical concepts and IFRS requirements, critical analysis, especial-ly used for the literature review, and for the assessment of practice: primary empirical research methods, and quantitative methods, including descriptive statistics, nonparametric tests and correlation analysis. The empirical material collected was used to verify several hypotheses related to non-controlling interests of the groups whose parents are registered in Poland and whose securities are traded on a regulated, Polish capital market (Warsaw Stock Exchange. The empirical evidence is that non-controlling interests represent a very small part of group’s equity (taking the mean of about 3.5%, but the median below 1% and obviously, they are significantly lower than the share of majority interests. Their deviation among the different classes of companies (big, small and banks is negligible. Slightly higher is the share of minority interests in the group’s net profit and total comprehensive income. However, no significant difference is to be found between the shares of non-controlling interests in the group’s equity, net profit and total comprehensive income. Overall, shares of majority (minority interests in a group’s income are in line with their shares in the group’s equity. The hypothesis on comparable returns on non-controlling and majority interests (in terms of ROE cannot be rejected if both net profit and losses are considered

  12. Non-controlling interests, financial performance and the equity of groups. An empirical study of groups listed on the Warsaw Stock Exchange 

    Directory of Open Access Journals (Sweden)

    Radosław Ignatowski

    2015-11-01

    Full Text Available The purpose of this article is to (a analyze IFRS requirements for the recognition and presentation of non-controlling (minority interests in consolidated financial statements in relation to theoretical concepts of consolidation of financial statements, and (b assess the share and importance of non-controlling inter-ests in financial performance and the equity of the groups of companies in practice. For the purpose of the article, selected scientific methods have been used, including: descriptive and analytical ones (for analyzing the theoretical concepts and IFRS requirements, critical analysis, especial-ly used for the literature review, and for the assessment of practice: primary empirical research methods, and quantitative methods, including descriptive statistics, nonparametric tests and correlation analysis. The empirical material collected was used to verify several hypotheses related to non-controlling interests of the groups whose parents are registered in Poland and whose securities are traded on a regulated, Polish capital market (Warsaw Stock Exchange. The empirical evidence is that non-controlling interests represent a very small part of group’s equity (taking the mean of about 3.5%, but the median below 1% and obviously, they are significantly lower than the share of majority interests. Their deviation among the different classes of companies (big, small and banks is negligible. Slightly higher is the share of minority interests in the group’s net profit and total comprehensive income. However, no significant difference is to be found between the shares of non-controlling interests in the group’s equity, net profit and total comprehensive income. Overall, shares of majority (minority interests in a group’s income are in line with their shares in the group’s equity. The hypothesis on comparable returns on non-controlling and majority interests (in terms of ROE cannot be rejected if both net profit and losses are considered

  13. Russification of non-Estonian pupils in Tallinn

    Directory of Open Access Journals (Sweden)

    Ülle Rannut

    2010-05-01

    Full Text Available In the article home languages, their qualities and use by pupils in grades 2 to 5 in Tallinn are analyzed. Two larger and more characteristic groups (Ukrainians and Belarusians and two groups with Islamic backgrounds (Azerbaijanis and Tatars were compared with the aim of analysing different language loss and preservation factors. Although Ukrainians and Belarusians form much larger ethnic groups within Estonia, they have not managed to preserve their language anywhere near as successfully as the Azerbaijanis and Tatars. Comparison of the data suggests that language preservation in Estonia and the ability to withstand Russification are most influenced by the degree of difference of the language from Russian and the religious difference from the Russian Orthodox faith (and Soviet era atheism. Home languages are characterised by their use mainly in the verbal form, with skills in the literary language generally low or even non-existent. Languages are for the most part learned informally, primarily through communication with parents and/or grandparents. The result is a supersaturated vernacular with a large degree of variation and loans from superstratum languages which falls far from the standard of the language in question.DOI: http://dx.doi.org/10.5128/ERYa6.15

  14. Data Envelopment Analysis of Helsinki-Tallinn Transportation Chains

    Directory of Open Access Journals (Sweden)

    Olli-Pekka Hilmola

    2013-12-01

    Full Text Available The Baltic Sea shipping is at a crossroads as sulphur regulation will lead to excessive cost increases from the year 2015 onwards and CO2 emission trading is planned to be implemented for the entire shipping sector within the EU area. Therefore, shipping is going to be minimized and hinterland transportation (road and rail will act as substitute. This research analyzes the situation on one of the highest volume general cargo transportation routes of Finland (operating between Helsinki, Finland and Tallinn, Estonia, including loading and unloading at seaports and short sea shipping activity in between. Based on the efficiency evaluation results, it seems that containers should be favoured over semi-trailers – containers could be carried efficiently either in container ships or even at currently favoured RoRo or RoPax ships. Our research illustrates that pure container shipping with larger container ships within the analyzed route is not entirely out of question, but lead time and hinterland operations should receive more attention. Alternatively, RoRo and RoPax ships can also do something to increase their competitiveness in environmental harm caused and diesel consumption – higher cargo loads and utilization levels are short-term key for continued dominance.

  15. 26 CFR 1.1296-2 - Definition of marketable stock.

    Science.gov (United States)

    2010-04-01

    ... section, a class of stock that is traded on one or more qualified exchanges or other markets, as defined... multiple tiers. If an exchange in a foreign country has more than one tier or market level on which stock... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Definition of marketable stock. 1.1296-2 Section...

  16. The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

    Science.gov (United States)

    Draze, Dianne

    This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

  17. 78 FR 23487 - Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by...

    Science.gov (United States)

    2013-04-19

    ... Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by Domestic Corporations... corporation in certain nonrecognition exchanges, or to distributions of stock of certain foreign corporations... establish reporting requirements for property transfers and stock distributions to which the final...

  18. State sells oil and gas shares in Norway - Statoil to stock exchange list; Norjan valtio myy oeljy- ja kaasuosuuksiaan - Statoil poerssiin

    Energy Technology Data Exchange (ETDEWEB)

    Kimpanpaeae, M.

    2001-07-01

    After several months debate the government of Norway has decided to sell parts of the national oil-company Staoil as well as state-owned gas and oil shares. The government has stated that in the first stage it would be possible to privatize 20% of the Statoil. The market value of Staoil in summer 1999 was estimated to 120 billion NOK and the value has been estimated to increase ever since. The same proposal includes selling 20% of the national oil and gas shares SDOEE. 15 % would be sold to Statoil before listing the company into the stock exchange and the rest to Norsk Hydro and other national and international companies. The remaining share, the value of which is about 500 billion NOK, will become a part of a new state-owned company. The oil and energy ministry of Norway has estimated that the market value of SDOEE is about 600 billion NOK. Advisory committee decided to increase the share to be sold of SDOEE to 21.5%, the share of other companies being 6.5%. SDOEE was grounded in 1985. Since then a part of the oil and gas income of Statoil has gone into the balances of Statoil and another part directly to the state. Statoil has been responsible for the oil and gas sales of SDOEE. SDOEE's gas and oil reserves have been estimated to be about 9.8 billion barrels, 35% of which is oil and the rest natural gas. A new independent state owned company will be founded for transport of natural gas as a part of the change process. Oil companies and other energy companies will deliver the natural gas also in the future. In addition to the national arrangements, the EU's gas market directive will lead to changes in the Norwegian gas sales. As a part of the European Economic Area Norway will put the EU's gas markets directive into force without any transition period. The directive will decrease the price of natural gas and hence the income of Norway from natural gas is estimated to decrease significantly. At the moment the sales company GFU is responsible for

  19. 78 FR 69910 - Joint Industry Plan; BATS Exchange, Inc., BATS-Y Exchange, Inc., BOX Options Exchange LLC, C2...

    Science.gov (United States)

    2013-11-21

    ... International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The NASDAQ Stock Market LLC... Exchange, Inc., Financial Industry Regulatory Authority, Inc., International Securities Exchange, LLC, Miami International Securities Exchange LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The NASDAQ Stock...

  20. The Difference Between Stock Splits and Stock Dividends - Evidence from Denmark

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock...... splits is closely related to changes in a firm's payout policy, but that the relationship differs for the two types of events. A stock dividend implies an increase in nominal share capital and hence a decrease in retained earnings. Firms announcing stock dividends finance growth entirely by debt...... (explaining the need for an increase in nominal share capital) and retained earnings. Basically all firms announcing a stock dividend with a split factor of less than two can also afford to increase their total cash dividends permanently, at least proportionally to the increase in share capital, leading...

  1. Püha Siimeoni ja Naisprohvet Hanna kiriku restaureerimine : Ahtri 5, Tallinn = Restoration of the Church of Righteous Symeon and Prophetess Ann : Ahtri 5, Tallinn / Epp Lankots

    Index Scriptorium Estoniae

    Lankots, Epp, 1976-

    2005-01-01

    18. sajandil ehitatud, 2001. a. Eesti Apostlik-Õigeusu Kirikule tagastatud kirikuhoone restaureerimine. Ees on interjööride konserveerimistööd. Uuringud: Juhan Kilumets, Eva Mölder. Arhitektuurne projekt: Tõnu Parmakson, Ilmar Kannelmäe. Konstruktiivne projekt: Aleksander Danil. Teostus: J. Kilumets (Rändmeister), T. Parmakson (Frantsiskus), E. Mölder (Vana Tallinn). Ill.: 3 värv. välis- ja 3 sisevaadet

  2. Pengaruh Pola MACD Histogram IHSG Terhadap Pola MACD Histogram Perusahaan Dari Daftar Indeks LQ45 (Periode Februari s.d Juli 2015 Bursa Efek Jakarta [Effect of MACD Histogram IHSG Patterns to Patterns of Companies Listed on the Jakarta Stock Exchange LQ-45 (Period February till July 2015

    Directory of Open Access Journals (Sweden)

    Heri Fatkhurrokhim

    2015-09-01

    Full Text Available The purpose of this study is to determine the effect of MACDIHSG pattern to the MACD Company pattern in the L045 index on the period of February until July 2015 at the Indonesia Stock Exchange. This study also aims to facilitate investors to make investment decisions in the stock market. This study provides benefits to capital market investors, especially for stock investors in the Indonesia Stock Exchange as a mean of enhancing their insights in the development of technical analysis on investing. For the general public as well in order to know that investing in the stock market differs from gambling since there are analyzes that easy and can be applied very simply. In addition, this research aims to enhance the reader's desire to invest in the stock market. The samples were the closing data price of IHSG and shares ofLQ45 in the period of February until July 2015 in the Indonesia Stock Exchange. Based on the hypothesis testing, it can be explained that the MACD Histogram IHSG has a significant effect on 38 issuers listed in LQ45. As for the difference between the MACD Histogram effect against one company with another company that is very small. From the 38 stocks that rank on the top 3 company, the Summarecon Agung Tbk is on the top 1, that amounted to 98.3348%, then Alam Sutera Reality Lestari Tbk amounted to 98.2376%, and Adhi Katya (Persero Tbk amounted to 98.1320%. The third of these shares have MACD Histogram movement that approaching the MACD Histogram IHSG.

  3. The dependence of Islamic and conventional stocks: A copula approach

    Science.gov (United States)

    Razak, Ruzanna Ab; Ismail, Noriszura

    2015-09-01

    Recent studies have found that Islamic stocks are dependent on conventional stocks and they appear to be more risky. In Asia, particularly in Islamic countries, research on dependence involving Islamic and non-Islamic stock markets is limited. The objective of this study is to investigate the dependence between financial times stock exchange Hijrah Shariah index and conventional stocks (EMAS and KLCI indices). Using the copula approach and a time series model for each marginal distribution function, the copula parameters were estimated. The Elliptical copula was selected to present the dependence structure of each pairing of the Islamic stock and conventional stock. Specifically, the Islamic versus conventional stocks (Shariah-EMAS and Shariah-KLCI) had lower dependence compared to conventional versus conventional stocks (EMAS-KLCI). These findings suggest that the occurrence of shocks in a conventional stock will not have strong impact on the Islamic stock.

  4. Tallinn ostab Harju tänava krundid 150 miljoni krooni eest / Urmas Seaver

    Index Scriptorium Estoniae

    Seaver, Urmas, 1973-

    2006-01-01

    Ilmunud ka: Postimees : na russkom jazõke 26. jaan. lk. 4. Tallinn ostab OÜ-lt Celsea 150 miljoni krooni eest kuus krunti Harju tänava ääres, et rajada varemete asemele sügiseks haljasala. Tallinna abilinnapea Taavi Aasa sõnul ei ole tehing linnale kahjulik, linnavolikogu Isamaaliidu fraktsioon plaani ei toeta

  5. [Lea Kõiv. Paul Johansen und das Stadtarchiv Reval/Tallinn] / Paul Kaegbein

    Index Scriptorium Estoniae

    Kaegbein, Paul

    2008-01-01

    Arvustus: Lea Kõiv. Paul Johansen und das Stadtarchiv Reval/Tallinn. - Nordosteuropa als Geschichtsregion. Helsinki : Aue-Stiftung; Lübeck : Schmict-Röhmild, 2006. Lk. 45-59. Artiklis on kasutatud seni avalikkusele vähetuntud materjale ja osaliselt käsitletud avalikke vaidlusi, kuhu olid segatud nii Paul Johansen kui järgmine linnaarhivaar Rudolf Kenkmaa

  6. Public transport pricing policy : Empirical evidence from a fare-free scheme in Tallinn, Estonia

    NARCIS (Netherlands)

    Cats, O.; Reimal, T.; Susilo, Y.

    2014-01-01

    Cities worldwide are looking for new policies to attract travelers to shift from cars to public transport. Policies focused on reducing public transport fares are aimed at improving social inclusion and leading to a modal shift. The City of Tallinn, the capital of Estonia, has recently introduced a

  7. Madalmaade nukunäitlejate paremik hiilgas Tallinn Treffil / Tiiu Laks

    Index Scriptorium Estoniae

    Laks, Tiiu, 1984-

    2010-01-01

    5.-8. juunini 2010 toimuvast rahvusvahelisest festivalist Tallinn Treff. Hollandi trupi DudaPaiva lavastusest "Needus". Nukunäitleja Neville Tranteri (Austraalia-Holland) lavastusest "Punch ja Judy Afganistanis". Stef Vettersi (Belgia) etendusest "Tema kõrgeausus Ottfriedi tundmatu maailm"

  8. Euroopa kultuuripealinn Tallinn 2011 paneb PÖFF-ile õla alla

    Index Scriptorium Estoniae

    2011-01-01

    15. Pimedate Ööde Filmifestivali ja Euroopa Kultuuripealinna Tallinn 2011 koostöös alguse saanud noortele animavallas tegutsevatele professionaalidele mõeldud koolitussarjast AnimaCampus, rahvusvahelise filmituru Black Market ja programmi "60 sekundit üksindust aastal Null" toetamisest

  9. Bob Scott: Tallinn 2011 saab oma preemiaraha kätte / Bob Scott ; intervjueerinud Teele Tammeorg

    Index Scriptorium Estoniae

    Scott, Bob

    2010-01-01

    Euroopa kultuuripealinnade hindamiskomisjoni esimees räägib oma kohtumisest Tallinna linnapea Edgar Savisaare ja kultuuriministri Laine Jänesega ning sellest, et Tallinnal ja Eestil tuleb lisatoetuse saamiseks saata Euroopa Komisjonile vaid kiri, milles nad kinnitavad, et kultuuripealinna programmi jaoks on raha olemas

  10. Sex work in Tallinn, Estonia: the sociospatial penetration of sex work into society.

    Science.gov (United States)

    Aral, S O; St Lawrence, J S; Uusküla, A

    2006-10-01

    It is important to describe and understand the underlying patterns and dynamics that govern sex work in societies undergoing rapid political and social changes, its heterogeneity across populations, and its evolution through time in order to inform future research, sound policy formation, and programme delivery. To describe the socioeconomic and cultural determinants, organisational structure, distinct categories, and spatial patterning of sex work in Tallinn, Estonia, and identify recent temporal changes in sex work patterns. In-depth interviews with key informants; naturalistic observations of sex work and drug use venues, geo-mapping of sex work sites, review of media, public policy, and commissioned reports, and analyses of existing data. Sex work takes place in a hierarchy of locations in Tallinn ranging from elite brothels and "love flats" to truck stops. These sites vary in terms of their public health importance and social organisation. There are full time, part time, and intermittent male and female sex workers. Among others, the taxi driver, madam and the bartender are central roles in the organisation of sex work in Tallinn. Cell phone and internet technology enable sex work to be highly dispersed and spatially mobile. Future research and programmatic service delivery or outreach efforts should respond to the changing profile of sex work in Tallinn and its implications for STD/HIV epidemiology.

  11. Tallinn Fashion Week täidab nädala kodumaise moega / Karilin Engelbrecht

    Index Scriptorium Estoniae

    Engelbrecht, Karilin

    2009-01-01

    Tallinn Fashion Week'i üritustest. Ülevaade eesti moekunstnike loomingu esitlustest. Näitus "Uus Eesti moejoonistus" Arhitektuuri- ja Disainigaleriis. Anu Hindi moefotonäitus "Aeg maha 3" Iida galeriis. Raamatu "Eesti moepiibel 2010" esitlus Rotermanni kvartali kohvikus Platz. Oksana Tanditi ja Filippo Caroti moefotonäitus "Butterflies" Tallinna botaanikaaias

  12. The Australian stock market development: Prospects and challenges

    Directory of Open Access Journals (Sweden)

    Sheilla Nyasha

    2013-06-01

    Full Text Available This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

  13. Valuation of common and preferred stocks

    Directory of Open Access Journals (Sweden)

    Nikolić Ljubica

    2014-01-01

    Full Text Available Buying stocks is a modern way of investing. The investors may place the available capital on the domestic and foreign stock market, they may buy more stocks of a single issuer or distribute money to purchase stocks of various public (stock-exchange companies, and they may form a portfolio of various securities. The investors' decisions on these options are based on their estimate on returns and risks underlying individual security instruments (securities. The two basic approaches to valuation of common stocks are: the Present Value Approach (method of valuating the capitalization of income and the P/E Ratio Approach (the method of valuating the multiple of per-share earnings. Instead of viewing these methods as competing alternatives, they should better be viewed as mutually complementary methods. Both methods are equally useful and their concurrent use may provide better grounds for the analysts' valuation of stocks.

  14. Stock Markets Indices in Artificial Insymmetrization Patterns

    International Nuclear Information System (INIS)

    Makowiec, D.

    2002-01-01

    The daily data of indices of Warsaw Stock Exchange - WIG, and New York Stock Exchange - NASDAQ, NYSE and S and P 500 for the last two years are being studied. Properties of fluctuations of daily returns found from scaling analysis of tails are confronted with patterns obtained by the artificial insymmetrization method to specify difference between the world-wide American market and local and rather marginal Polish market. (author)

  15. 17 CFR 256.201 - Common stock issued.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Common stock issued. 256.201... COMPANY ACT OF 1935 Liabilities and Other Credit Accounts § 256.201 Common stock issued. This account shall include the par or stated value of all common capital stock issued and outstanding. ...

  16. Effect of stock indices on cash flow and earnings management ...

    African Journals Online (AJOL)

    The main objective of this study is to investigate the effect of stock indices on cash flow and earnings management in companies listed on Tehran Stock Exchange. In other words, this study has tried to answer the question that whether the stock indices on cash flow and earnings management in companies listed on Tehran ...

  17. "Tallinn Treff" - maailma lavade uus põlvkond Tallinnas / Meelis Pai, Vahur Keller, Reeda Toots ; intervjueerinud Margot Visnap

    Index Scriptorium Estoniae

    Pai, Meelis, 1968-

    2009-01-01

    30. maist 6. juunini toimuvast rahvusvahelisest nukuteatrifestivalist "Tallinn Treff" ning selle alafestivalist "Noor vaim" annavad ülevaate festivali peakorraldaja Meelis Pai, kusntiline juht Vahut Keller ja "Noor vaimu" juht Reeda Toots

  18. Impact of Global Financial Crisis on Nigerian Stock Market | Onuoha ...

    African Journals Online (AJOL)

    Based on our findings, we recommended that mergers and acquisition should be encouraged so as to increase the capital base of stock market participants. ... This is to motivate them participate in the stock exchange market; and the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), and other ...

  19. Impact of Global Financial Crisis on Nigerian Stock Market

    African Journals Online (AJOL)

    DrNneka

    participate in the stock exchange market; and the Central Bank of Nigeria (CBN),. Securities and Exchange ... should use the financial stress index (FSI) as proposed by IIIing and Liu (2006) to indicate early signals of ..... testing the first hypothesis which states that currency crisis has no significant effect on the Nigerian stock ...

  20. Motivators of Dividend Payout among Firms listed on the Stock ...

    African Journals Online (AJOL)

    Nafiisah

    Motivators of Dividend Payout among Firms listed on the. Stock Exchange of Mauritius. S Fowdar*. Faculty of Law and ... firms that are officially listed on the Stock Exchange of Mauritius. Factors such as the current ratio, price-to-book value, ...... The Listing Rules set out by the SEM Commission. The SEM Monthly Newsletters.

  1. Programming Basics for Beginners. Experience of the Institute of Informatics at Tallinn University of Technology

    Directory of Open Access Journals (Sweden)

    Olga Mironova

    2017-11-01

    Full Text Available The present paper demonstrates the teaching approach in programming basics course for novices: schoolchildren of different ages and schoolteachers. This programming course was developed at the Institute of Informatics at Tallinn University of Technology in Tallinn, Estonia and it based on many years experience in teaching programming for non-IT first year students. The main aim of the chosen teaching approach in the course is to raise the motivation and keep the learners’ interest in programming field on the high level. The idea of developed teaching technique is the implementation of the visual programming before a serious textual coding. Furthermore, authors suggest readers some ways and methods to overcome learners’ difficulties in the first stage in a textual coding.

  2. A rapid situation assessment of the market for surrogate and illegal alcohols in Tallinn, Estonia.

    Science.gov (United States)

    Pärna, Kersti; Lang, Katrin; Raju, Kadi; Väli, Marika; McKee, Martin

    2007-01-01

    To understand the phenomenon of consumption of surrogate and illegal alcohols in Tallinn, capital of Estonia. This study, conducted in Tallinn in May 2006, used rapid situation assessment. Interviews with key informants in relevant settings such as emergency departments of hospitals, accommodation for the homeless, police etc. (n = 22), with alcohol abusers (n = 33), natural observations of surrogate sale and consumption venues (n = 46), and tracking of trade data were carried out. Key informants confirmed that consumption of illegal and surrogate alcohols are widely used by alcohol abusers, a finding confirmed by the alcohol abusers. Availability of surrogates varied by area of the city, mainly sold from street kiosks. Illegally produced spirits were also easily available. Sales of surrogates appear to have increased in recent years. A range of alcohol-containing substances that appear to be easily available at low cost, and that have high concentration of ethanol or contaminants known to be toxic, were identified in Tallinn. Alcohol policies in Estonia should address the consumption and availability of these substances.

  3. The stock market performance of the central banks of Belgium and Japan

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Goldberg, Lawrence G.

    2002-01-01

    Most central banks issue stock that is held by the government and/or commercial banks and is not tradable. In contrast, stocks of the central banks of Belgium and Japan are traded on the Brussels and Tokyo stock exchanges. The purpose of the paper is to examine this unique phenomenon of stock market

  4. The Index cohesive effect on stock market correlations

    Science.gov (United States)

    Shapira, Y.; Kenett, D. Y.; Ben-Jacob, E.

    2009-12-01

    We present empirical examination and reassessment of the functional role of the market Index, using datasets of stock returns for eight years, by analyzing and comparing the results for two very different markets: 1) the New York Stock Exchange (NYSE), representing a large, mature market, and 2) the Tel Aviv Stock Exchange (TASE), representing a small, young market. Our method includes special collective (holographic) analysis of stock-Index correlations, of nested stock correlations (including the Index as an additional ghost stock) and of bare stock correlations (after subtraction of the Index return from the stocks returns). Our findings verify and strongly substantiate the assumed functional role of the index in the financial system as a cohesive force between stocks, i.e., the correlations between stocks are largely due to the strong correlation between each stock and the Index (the adhesive effect), rather than inter-stock dependencies. The Index adhesive and cohesive effects on the market correlations in the two markets are presented and compared in a reduced 3-D principal component space of the correlation matrices (holographic presentation). The results provide new insights into the interplay between an index and its constituent stocks in TASE-like versus NYSE-like markets.

  5. The price momentum of stock in distribution

    Science.gov (United States)

    Liu, Haijun; Wang, Longfei

    2018-02-01

    In this paper, a new momentum of stock in distribution is proposed and applied in real investment. Firstly, assuming that a stock behaves as a multi-particle system, its share-exchange distribution and cost distribution are introduced. Secondly, an estimation of the share-exchange distribution is given with daily transaction data by 3 σ rule from the normal distribution. Meanwhile, an iterative method is given to estimate the cost distribution. Based on the cost distribution, a new momentum is proposed for stock system. Thirdly, an empirical test is given to compare the new momentum with others by contrarian strategy. The result shows that the new one outperforms others in many places. Furthermore, entropy of stock is introduced according to its cost distribution.

  6. THREE-POINT VOLATILITY SMILE CLASSIFICATION: EVIDENCE FROM THE WARSOW STOCK EXCHANGE DURING VOLATILE SUMMER 2011 / CLASIFICACIÓN DE LAS SONRISAS DE VOLATILIDAD SEGÚN TRES PUNTOS DE MONETIZACIÓN: EVIDENCIA EMPÍRICA PARA LA BOLSA DE VARSOVIA DURANTE EL VOLÁTIL VERANO DE 2011

    OpenAIRE

    García-Machado, Juan J.; Rybczynski, Jaroslaw

    2015-01-01

    This paper studies the behavior of the smile in the Warsaw Stock Exchange (WSE) during the volatile summer of 2011.We investigate the volatility smile derived from liquid call and put options on the Polish WIG20 index which option series expired on September 2011. In this period, the polish index has dropped about 20% in two weeks time. By linear interpolation, implied volatilities for moneyness points needed were calculated, then we construct 355 smile curves for calls and puts options to st...

  7. Desempenho produtivo da tilápia do Nilo (Oreochromis niloticus L. em diferentes densidades e trocas de água em “raceway” Productive performance of the nile tilapia (Oreochromis niloticus L. in tanks with different water exchanges and stocking density in raceway

    Directory of Open Access Journals (Sweden)

    Paulo César Silva

    2002-04-01

    Full Text Available Avaliou-se o desempenho produtivo dos alevinos de tilápia do Nilo, (Oreochromis niloticus L. (Perciformes Cichlidae estocados nas densidades de 90, 120 e 150 peixes/tanque, em 24 tanques circulares com 0,5 m³, em duas trocas totais de água (30 e 60 minutos, no sistema “raceway”. Utilizou-se o delineamento inteiramente casualizado, em esquema fatorial 3x2, para análise dos dados. Após 128 dias, o peso final e o ganho de peso foram superiores na maior troca de água e menor densidade; a conversão alimentar não alterou significativamente; a biomassa total aumentou com o aumento da renovação de água e densidade de estocagem de 120 e 150 peixes/m³; a taxa de crescimento específico aumentou na maior renovação da água; os rendimentos de filé e de carcaça diminuíram com a menor troca de água nas maiores densidades de estocagem. Os melhores resultados ocorreram com troca total de água em 30 minutos, nas densidades de estocagem de 120 e 150 peixes/m³.Nile tilapia, Oreochromis niloticus L. (Perciformes Cichlidae fingerlings were stocked at 90, 120 and 150 fishes in 24 circular tanks (0,5 m³, submitted to two full water exchanges, in a 30 and 60 minutes, in raceway system, to evaluate productive performance. The performance results were analyzed through a completely randomized design, in a 3x2 factorial scheme. After 128 days, the final weight and the weight gain were higher in larger water exchange and lower stocking density. The feed conversion ratio with non-significant statistical differences. The total biomass increased with the water exchange and stocking density increasing for 120 and 150 fishes/m³; the specific growth ratio increased with water exchange increasing; the fillet yield and the carcass yield decreased significantly with lower water exchange and bigger stocking density. In this research, it was concluded that the best performance parameters were obtained with full water exchange in 30 minutes, at bigger stocking

  8. Analisis Faktor-faktor yang Mempengaruhi Stock Repurchase pada Perusahaan Manufaktur di Bei

    OpenAIRE

    ADITYA MASTAN, ALOYSIUS

    2012-01-01

    Stock exchange which has been owned by the shareholders. Stock repurchase is one to use retained profits of the company. This study aimed to examine the effect of excess capital, price earnings ratio, and leverage to repurchase stock. The research design was quantitative with the hypothesis. Object of study is a manufacturing company listed on the Indonesia Stock Exchange the period 2005-2010. The analysis technique used is multiple linear regression. The type of data used quantitative data i...

  9. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  10. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

    Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  11. Do stock prices drive people crazy?

    Science.gov (United States)

    Lin, Chung-Liang; Chen, Chin-Shyan; Liu, Tsai-Ching

    2015-03-01

    This is the first research to examine a potential relation between stock market volatility and mental disorders. Using data on daily incidences of mental disorders in Taiwan over 4000 days from 1998 through 2009 to assess the time-series relation between stock price movements and mental disorders, we observe that stock price fluctuation clearly affects the hospitalization of mental disorders. We find that during a 12-year follow-up period, a low stock price index, a daily fall in the stock price index and consecutive daily falls in the stock price index are all associated with greater of mental disorders hospitalizations. A 1000-point fall in the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) increases the number of daily mental disorders hospitalizations by 4.71%. A 1% fall in the TAIEX in one single day increases daily hospitalizations for mental disorders by 0.36%. When the stock price index falls one consecutive day, it causes a daily increase of approximately 0.32% hospitalizations due to mental disorders on that day. Stock price index is found to be significant for both gender and all age groups. In addition, daily change is significant for both gender and middle-age groups, whereas accumulated change is significant for males and people aged 45-64. Stockholdings can help people accumulate wealth, but they can also increase mental disorders hospitalizations. In other words, stock price fluctuations do drive people crazy. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine © The Author 2014; all rights reserved.

  12. 76 FR 44076 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-22

    ...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend NASDAQ Stock Market Equities Trading Rules 4757 and 4758 and NASDAQ Options... NASDAQ Stock Market LLC (the ``Exchange'' or ``NASDAQ'') filed with the Securities and Exchange...

  13. 26 CFR 1.1041-2 - Redemptions of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Redemptions of stock. 1.1041-2 Section 1.1041-2...) INCOME TAXES Common Nontaxable Exchanges § 1.1041-2 Redemptions of stock. (a) In general—(1) Redemptions of stock not resulting in constructive distributions. Notwithstanding Q&A-9 of § 1.1041-1T(c), if a...

  14. [Heinz von zur Mühlen. Paul Johansen und die Sogenannten Undeutschen in Reval/Tallinn] / Paul Kaegbein

    Index Scriptorium Estoniae

    Kaegbein, Paul

    2008-01-01

    Arvustus: Heinz von zur Mühlen. Paul Johansen und die Sogenannten Undeutschen in Reval/Tallinn. - Nordosteuropa als Geschichtsregion. Helsinki : Aue-Stiftung :; Lübeck : Schmidt-Römhild, 2006. lk. 103-111. Paul Johanseni lähim töökaaslane kirjeldab teose "Deutsch und Undeutsch im mittelalterlichen und frühneuzeitlichen Reval" valmimist

  15. Uudised : Preemia "edition 49" noodigraafikale. Noor muusik ئ Tallinn 2000. Bergenisse sõidab Bezrodnaja / Hugo Alter

    Index Scriptorium Estoniae

    Alter, Hugo-Eduard, 1929-2003

    2000-01-01

    Kirjastuse "Edition 49" noodigraafikaga teos võitis muusikakirjastuspreemia "Frankfurt 2000". 6.-9. juunini toimub rahvusvaheline konkurss "Noor muusik ئ Tallinn 2000", millest võtavad osa kuni 13 aastased muusikud 11-st riigist. "Klassika-Eurovisiooni" Eesti võistluse finaali võitis A.-L. Bezrodnaja, kes esindab Eestit võistluse Euroopa finaalis juunis Bergenis

  16. Tallinn jäi kultuuripealinna projekti rahastamisel hätta / Maria-Elisa Rannajõe

    Index Scriptorium Estoniae

    Rannajõe, Maria-Elisa

    2007-01-01

    Järgmise aasta riigieelarvest on projekti "Tallinn Euroopa kultuuripealinn 2011" rahastamiseks eraldatud ette nähtud summast 10 miljonit krooni vähem. Tallinna abilinnapea Kaia Jäppineni sõnul on linn palunud Brüsselilt ajapikendust riigiga kokkuleppele jõudmiseks, pikendust anti 2-3 kuud

  17. Nigerian stock exchange and economic development

    Directory of Open Access Journals (Sweden)

    Olowe,Olusegun

    2011-12-01

    Full Text Available This article studies role of cooperations in creating opportunities for using rich renewable energy sources and also their potential role for entrepreneurship and employment in Iran. The presence of constant, sustainable and economical energy is an essential basis for any economical and social development while it can upgrade life qualities. Iran has a considerable amount of natural resources for modernizing its energy supply and being transited to a sustainable energy system as it has countless opportunities for using rich renewable energy sources. On the other hand, cooperation have been considered as a strategic way to create job opportunities as they are strong organizations which can encounter economical and social side affects caused by quick moderating procedures in structural programs.Results show convergence between renewable sources development and Iran's economical development through taking a frugal approach in expenses, creating new job opportunities and entrepreneurship in renewable energies.

  18. RELATIONSHIP BETWEEN STOCK MARKET RETURNS AND EXCHANGERATES IN EMERGING STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    M.N. Arshad

    2017-04-01

    Full Text Available Abstract-This paper aims to study the relationship between stock market returns and exchange rates in emerging stock markets including Malaysia, Singapore, Thailand, Indonesia and Philippines. The data is taken from January 2003 to December 2012 using weekly closing indices and separated in two periods; before (2003-2007 and second, after (2008-2012 the financial crisis of 2008. Johansen-Juselius (JJ. Granger causality tests show that unidirectional causality exists between the stock market returns and exchange rates for Thailand before the financial crisis, whilst, for Indonesia and Singapore, the unidirectional causality between the two variables is detected in the period after the financial crisis. Error Correction Model (ECM indicates the existence of long run causality between the two variables for Philippines. This study also finds that most of the emerging stock markets are informationally inefficient.

  19. Do economic policy decisions affect stock market development in ...

    African Journals Online (AJOL)

    The paper finds government revenue and exchange rate reduce stock market development. A policy mix identified was that, the outcomes of government expenditure and government borrowing interest rate exert no influence on stock market development. For equity investors not to easily transfer their investments in ...

  20. Asymmetry of Returns in the Australian STOCK Market

    Science.gov (United States)

    Gunner, Susan M.; Brooks, Louise; Storer, Robin G.

    We use econophysics techniques to investigate the characteristics of the distribution of returns from the All Ordinaries Index and from optimal portfolios constructed from individual stocks on the Australian Stock Exchange. We find in general that the tails of the distributions are asymmetric and that the negative tail favours a power-law behaviour while the positive tail is more Gaussian.